The rupee managed to gain slightly in terms of the dollar on the money market on Wednesday in the process of trading activity, dealers said.
In the third Asian trade, the dollar held steady against its peers on Wednesday, showing little reaction to US President Donald Trump's State of the Union address which touched upon trade and budget issues but provided investors with few surprises.
In an annual speech on Tuesday outlining his priorities for the coming year, President Trump said that illegal immigration was an urgent national crisis and reiterated his vow to build a border wall.
Trump also said any trade agreement with China "must include real, structural change to end unfair trade practices, reduce our chronic trade deficit, and protect American jobs."
The dollar index against a basket of six major currencies was little changed at 96.072, after briefly touching a near two-week high of 96.135.
"Trump's address did not contain surprises. He did not, for example, declare a state of emergency (over border funding) nor make surprising comments about China," said Ayako Sera, senior market economist at Sumitomo Mitsui Trust.
"The fall by the Australian dollar appears to have generated more attention," Sera added.
The Australian dollar tumbled after central bank chief Philip Lowe opened the door to a possible rate cut after more than a year of signalling tighter future policy. The dollar was trading against the Indian rupee at Rs 71.523. Other Asian markets were closed due to local festivals.
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Open Bid Rs.137.80
Open Offer Rs.138.30
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Bid Rate Rs.138.23
Offer Rate Rs.138.25
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Following fluctuating demand and supply situation in the market, the greenback moved both ways and ended for buying and selling at Rs 137.40 and Rs 138.30 against the previous closing trend of Rs 137.10 and Rs 138.45 respectively, local currency dealers said.
In addition, the national currency registered a considerable gain in its worth versus the pound sterling. The pound's buying and selling rates declined from the Monday's closing of Rs 179.50 and Rs 180.80 to Rs 177.50 and Rs 178.60 respectively, they added.
The dollar opened at Rs 138(buying) and Rs 138.10(selling) against last rate of Rs 138.20(buying) and Rs 138.30(selling). It closed at Rs 138(buying) and Rs 138.10(selling).
The buying and selling rates of one tola of gold was Rs Rs 67,300 (selling) and Rs 67,000(buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.