The rupee managed to gain against the dollar on the money market on Tuesday in process of trading activity, dealers said.
In the second Asian trade, the dollar was fragile in Asian trade on Tuesday as markets speculated growth worries will prompt the Federal Reserve to signal a pause to its monetary tightening cycle at this week's meeting.
Asian equities were hit hard after a rout on Wall Street overnight following a drum roll of weak data globally, reinforcing bets the Fed's widely expected rate hike on Wednesday would usher in a slowdown, or even a pause, to three years of steady rate increases.
Senior Fed officials, including Fed Chairman Jerome Powell, have recently become more cautious about the policy outlook that underlined a shift in market sentiment from a few months ago on rising signs of a slackening in the global economy. The dollar index was marginally lower at 97.08 after losing 0.4 percent on Monday.
The dollar was trading against the Indian rupee at Rs 71.255, the greenback was at 4.175 in terms of the Malaysian ringgit and the US currency was available at 6.893 versus the Chinese yuan.
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Open Bid Rs.139.40
Open Offer Rs.139.70
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Bid Rate Rs.138.94
Offer Rate Rs.138.95
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The greenback resumed trading on a mixed pattern following fluctuating demand and supply situation in the market. As a result, it was traded for buying and selling at Rs 139.30 and Rs 140.30 against the overnight closing rates of Rs 139.20 and Rs 140.50 respectively, local currency dealers said.
Furthermore, the national currency failed to hold its strength as it registered reduction versus the pound sterling. The pound's buying and selling rates improved from Monday's closing of Rs 174.70 and Rs 176.00 to Rs 175.50 and Rs 176.50 respectively, they added.
The dollar opened at Rs 139.50(buying) and Rs 139.60(selling) against last rate of Rs 140(buying) and Rs 140.10(selling). It closed at Rs 139.50(buying) and Rs 139.60(selling).
The buying and selling rates of one tola of gold was Rs 67,200(selling) and Rs 67,000(buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.