The rupee managed to gain against the dollar in the inter-bank market on Thursday in process of business activity, dealers said. The rupee maintained rising trend in terms of the dollar, picking up 28 paisas for buying and selling at Rs 138.60 and Rs 138.65, they said.
In the fourth Asian trade, the dollar inched up on Thursday after minutes from the Federal Reserve's last meeting revived expectations for a possible US rate hike this year while the Aussie dollar skidded on policy easing expectations and a Chinese ban on Australian coal.
The greenback had risen slightly against the yen and trimmed losses versus the euro late on Wednesday after the Fed, in the minutes of its latest meeting in January, said the US economy and its labour market remained strong, prompting some expectations of at least one more interest rate hike this year.
The dollar index against a basket of six major currencies added 0.17 percent to 96.614, crawling away from a two-week trough of 96.286 marked on Wednesday.
The dollar was trading against the Indian rupee at Rs 71.108, the greenback was available at 4.071 versus the Malaysian ringgit and the US currency was at 6.703 in relation to the Chinese yuan.
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Open Bid Rs.138.50
Open Offer Rs.139.00
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Bid Rate Rs.138.60
Offer Rate Rs.138.65
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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 138.70 and Rs 139.40 against the opening trend of Rs 138.60 and Rs 139.15 respectively.
Furthermore, the rupee continued declining trend for the third consecutive day against the pound sterling. Consequently, the pound's buying and selling rates further increased from the Wednesday's closing of Rs 178.60 and Rs 180.40 to Rs 179.75 and Rs 181.00 respectively, they added.
The dollar opened at Rs 138.60 (buying) and Rs 138.70 (selling) against last rate of Rs138.85 (buying) and Rs 138.95 (selling). It closed at Rs138.60 (buying) and Rs 138.70(selling).
The buying and selling rates of one tola of gold was Rs. 68,150 (selling) and Rs 68,100 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.