Rising trend was seen on the currency market on Thursday in the process of trading activity, dealers said. The rupee rose by 32 paisas against the dollar for buying and selling at Rs 158.23 and Rs 158.25 respectively, they said.
The fourth Asian trade, the dollar held gains on Thursday after minutes from the Federal Reserve's last policy meeting hosed down some aggressive expectations the central bank would embark on a series of deep interest rate cuts.
Asian currencies are expected to trade in tight ranges on Thursday ahead of US Federal Reserve Chairman Jerome Powell's speech at Jackson Hole on Friday for signs of just how far the US central bank is prepared to lower rates.
The dollar was trading against the Indian rupee at Rs 71.560, the greenback was at 4.175 versus the Malaysian ringgit and the US currency was available at 7.068 in terms of the Chinese yuan.
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Open Bid Rs.158.20
Open Offer Rs.158.70
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Bid Rate Rs.158.23
Offer Rate Rs.158.25
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Following lack of buyers' interest in the market, the greenback could not sustain its worth and ended lower for buying and selling at Rs 157.20 and Rs 158.50 against the overnight closing trend of Rs 158.30 and Rs 158.90 respectively, local currency dealers said.
Similarly, the national currency also followed the suit in the process of trading against the pound sterling. Consequently, the pound's buying and selling rates slid from the Wednesday's closing of Rs 190.40 and Rs 191.50 to Rs 189.10 and Rs 190.70 respectively, they added.
The dollar opened at Rs 159(buying) and Rs 159.10(selling) against last rate of Rs 159.20(buying) and Rs 159.30(selling).
It closed at Rs 159(buying) and Rs 159.10(selling).
The buying and selling rates of one tola of gold remained as Rs 89,000(selling) and Rs 89,800(buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.