The rupee moved both ways versus the dollar on the money market on Monday in the process of trading activity, dealers said. The rupee picked up 11 paisas against the dollar for buying and selling at Rs 132.45 and Rs 132.00, dealers said.
In the first Asian trade, The dollar held steady against most of its major peers on Monday, supported by expectations of tighter US monetary policy, while sterling gave up nearly all its recent gains as investors sought clarity around Brexit. A Sunday Times report that an all-UK customs deal will be written into the agreement governing Britain's withdrawal from the EU had cheered investors who sent the pound to $1.3062 on Monday, the highest since Oct. 22.
The dollar's index versus six major peers was steady at 96.50 on Monday. Analysts are bullish on the greenback, supported by strong economic growth and see the Federal Reserve on track to raise interest rates in December, followed by another two hikes by mid-2019.
The dollar was trading against the Indian rupee at Rs 72.948, the greenback was at 4.168 in terms of the Malaysian ringgit and the US currency was at 6.914 versus the Chinese yuan. October and wages recorded their largest annual gain in 9-1/2 years.
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Open Bid Rs.132.45
Open Offer Rs.132.50
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Bid Rate Rs.131.50
Offer Rate Rs.132.00
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According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its appreciation for buying and selling at Rs 131.00 and Rs 132.20 against the last week closing trend of Rs 130.00 and Rs 131.60 respectively.
Likewise, the local currency also followed the same suit in relation to the pound sterling. The pound's buying and selling rates rose from Saturday's closing of Rs 166.00 and Rs 168.40 to Rs 169.10 and Rs 170.50 respectively, they added.
The dollar opened at Rs 131.75 (buying) and Rs 131.85 (selling) against last rate of Rs 131.50 (buying) and Rs 131.60 (selling). It closed at Rs 131.75 (buying) and Rs 131.85(selling).
The buying and selling rates of gold were Rs 59,350 (selling) and Rs 59,200(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi here on Monday.