The rupee gave up overnight firmness against the dollar on the money market on Wednesday, dealers said. The rupee slipped slightly in relation to the dollar for buying and selling at Rs 138.89 and Rs 138.91 respectively.
The yen gained 0.3 percent against the dollar to 109.39 in Asian trade. Trading volumes remained light as global markets reopened after the New Year's Day holiday. Japanese markets remain closed on Wednesday. The yen has strengthened for three straight weeks on investors' lower appetite for risk.
Fears of a global slowdown were aggravated on Wednesday by a survey showing China's factory activity contracted for the first time in 19 months in December as domestic and export orders continued to weaken.
The dollar was trading against the Indian rupee at Rs 69.663, the greenback was at 4.135 in terms of the Malaysian ringgit and the US currency was at 6.856 versus the Chinese yuan.
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Open Bid Rs.138.80
Open Offer Rs.139.20
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Bid Rate Rs.138.89
Offer Rate Rs.138.91
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According to currency dealers, the greenback resumed trading on its overnight closing for buying and selling at Rs 138.40 and Rs 139.50 respectively. The greenback did not witness any change in its demand and supply situation as it firmly sustained its opening trend till close of trading, they added.
Likewise, the national currency also followed the same suit in relation to the pound sterling. Consequently, the pound was closed against its opening trend for buying and selling at Rs 174.50 and Rs 176.00 respectively, they said.
The dollar opened at Rs 138.70(buying) and Rs 138.80 (selling) against last rate of Rs 138.55 (buying) and Rs 138.65 (selling). It closed at Rs 138.70 (buying) and Rs 138.80(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.