Rising trend prevailed on the money market on Thursday as the rupee posted fresh gains against the dollar in the process of trading activity, dealers said. The rupee gained about 50 paisas versus the dollar for buying and selling at Rs 159.38 and Rs 159.42 respectively.
In the fourth Asian trade, the dollar rose to a two-year peak against the euro and jumped to a two-month high versus the yen on Thursday as US Federal Reserve Chairman Jerome Powell ruled out a lengthy easing cycle after delivering the first rate cut since the financial crisis.
The euro fell to fell to $1.1034, the lowest since May 16, 2017, before paring losses to trade down 0.2% at $1.1045.
Against the yen the dollar broke through an important resistance level at 109.00 yen to reach a two-month high of 109.35 yen. The dollar index against a basket of six major currencies rose 0.3% to a two-year high of 98.932.
The dollar was trading against the Indian rupee at Rs 69.055, the greenback was at 4.143 versus the Malaysian ringgit and the US currency was at 6.900 in terms of the Chinese yuan.
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Open Bid Rs.158.60
Open Offer Rs.159.60
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Bid Rate Rs.159.38
Offer Rate Rs.159.42
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Amidst lack of buyers' interest in the market, the greenback could not sustain and ended lower for buying and selling at Rs 159.10 and Rs 159.70 against the opening trend of Rs 159.20 and Rs 159.80 respectively, local currency dealers said.
Similarly, the rupee also followed the suit in relation to the pound sterling. Consequently, the pound's buying and selling rates declined from the Wednesday's closing of Rs 193.00 and Rs 194.00 to Rs 192.00 and Rs 193.80 respectively, they added.
The dollar opened at Rs 159.80 (buying) and Rs 159.90(selling) against last rate of Rs 160.10(buying) and Rs 160.20 (selling).
It closed at Rs 159.80 (buying) and Rs 159.90(selling).
The buying and selling rates of one tola of gold remained as Rs 84,200 (selling) and Rs 83,900 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.