Sharp gains were seen in the value of the rupee against the dollar on the money market on Thursday in the process of trading activity, dealers said.

The rupee, however, lost 40 paisas versus the euro for buying at Rs 171.70 while, it did not show move any side for selling at Rs 173.30, they added.

In the fourth Asian trade, currencies whipsawed on Thursday as news suggesting division, then detente in Sino-US trade talks sparked volatility, with riskier Asian currencies ultimately rallying over a sinking dollar.

Investors, parsing headlines for any clues that tensions weighing on global growth could be resolved, turned from downcast to bullish after Bloomberg reported a currency pact could be part of a deal suspending further tariff hikes.

China's yuan, the most sensitive currency to the trade war, bounced to a two-week high from a month-low in offshore trade, gaining 0.3 percent by mid-session and pulling the trade-exposed Australian and New Zealand dollars up with it.

The dollar was trading against the Indian rupee at Rs 71.070, the greenback was at 4.191 versus the Malaysian ringgit and the US currency was available at 7.113 in terms of the Chinese yuan.

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Open Bid       Rs.155.90
Open Offer     Rs.156.40
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Bid Rate       Rs.156.16
Offer Rate     Rs.156.20
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According to currency dealers, the greenback firmly sustained its opening trend for buying at Rs 156.30 whereas it lost 20 paisas and ended lower for selling at Rs 156.70 against the overnight closing rate of Rs 156.90.

Moreover, the rupee recovered its earlier losses in process of trading against the pound sterling.

The pound's buying and selling rates declined from the Wednesday's closing of Rs 190.80 and Rs 191.80 to Rs 190.35 and Rs 191.25 respectively, they added.

The dollar opened at Rs 156.70 (buying) and Rs 156.80 (selling) against last rate of Rs 156.80 (buying) and Rs 156.90 (selling).

It closed at Rs 156.70(buying) and Rs 156.80(selling). The buying and selling rates of one tola of gold were Rs. 87,750 (selling) and Rs 87,000 (buying) in the local Sarafa (gold) markets of Islamabad and Rawalpindi.