The rupee moved slightly against the dollar on the money market on Thursday in the process of trading activity, dealers said. The rupee shed two paisas in relation to the dollar for buying and selling at Rs 138.91 and Rs 138.93 respectively.
In fourth Asian trade, the Japanese yen soared on Thursday as the break of key technical levels triggered massive stop-loss sales of the US and Australian dollars in very thin markets.
The dollar collapsed to as low as 105.25 yen on Reuters dealing, a drop of 3.2 percent from the opening 108.76 and the lowest reading since March 2018. It was last trading around 107.50 yen.
Analysts said the rot began when tech bellwether Apple Inc shocked investors by cutting its earnings guidance, citing sluggish iPhone sales in China.
The news sent US stock futures sliding and sparked a rush of funds to safe-haven bonds. With risk aversion high, the safe-haven yen was propelled through major technical levels and triggered massive stop-loss flows from investors who have been short of the yen for months.
The dollar was trading against the Indian rupee at Rs 70.410, the US currency was available versus the Malaysian ringgit at 4.140 and the greenback was 6.875 in terms of the Chinese yuan.
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Open Bid Rs.138.80
Open Offer Rs.139.20
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Bid Rate Rs.138.91
Offer Rate Rs.138.93
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According to currency dealers, the demand and supply situation continued fluctuation throughout the trading session and ended for buying and selling at Rs 138.60 and Rs 139.40 against the overnight closing trend of Rs 138.40 and Rs 139.50 respectively.
However, the local currency showed strength as it recovered its earlier losses versus the pound sterling. The pound's buying and selling rates declined from Wednesday's closing of Rs 174.50 and Rs 176.00 to Rs 173.50 and Rs 175.00 respectively, added the dealers.
The dollar opened at Rs 138.80 (buying) and Rs 138.90 (selling) against last rate of Rs 138.70 (buying) and Rs 138.80 (selling). It closed at Rs 138.80 (buying) and Rs 138.90 (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.