On the back of strong demand, the dollar gained sharply versus the rupee, hitting the high level at Rs 140 in the open market on Thursday in process of trading activity, dealers said. The rupee did not fluctuate sharply in relation to the dollar for buying and selling at Rs 138.89 and Rs 138.91, they said.
The euro trod water ahead of a closely-watched policy meeting by the European Central Bank later in the day, after edging higher on news that Italy lowered its deficit target for next year and expected the European Commission to accept its new 2019 budget proposal.
The dollar index, which measures the greenback against six key rivals, was up a tad at 97.097. It had fallen from a near one-month high overnight, losing 0.4 percent, its steepest drop in two weeks.
The dollar was available against the Indian rupee at Rs 71.650, the US currency was at 4.180 in terms of the Malaysian ringgit and the greenback was at 6.874 in relation to the Chinese yuan.
========================
Open Bid Rs.139.50
Open Offer Rs.140.00
========================
========================
Bid Rate Rs.138.89
Offer Rate Rs.138.91
========================
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 139.20 and Rs 140.20 against the overnight closing trend of Rs 139.10 and Rs 139.90 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 Wednesday's closing of Rs 173.50 and Rs 174.50 to Rs 174.50 and Rs 175.80 respectively, they added.
The dollar opened at Rs 139.75(buying) and Rs 139.85(selling) against last rate of Rs 139.40(buying) and Rs 139.50(selling). It closed at Rs 139.75(buying) and Rs 139.85(selling).
The buying and selling rates of one tola of gold remained Rs 65,450(selling) and Rs 65,400(buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.