THE RUPEE: firm trend

Attention: open in a new window. PDFPrintE-mail

Weekly Updates - Rupee at weekend

Firmness persisted on the local currency market on Friday as the rupee almost managed to hold the overnight level in terms of the dollar, dealers said. The rupee firmly held the overnight level versus the dollar for buying at Rs 98.37, while it inched up by one paisa for selling at Rs 98.39, dealers said.

INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee retained its overnight levels against the dollar for buying and selling at Rs 99.15 and Rs 99.35, they said. While the rupee gave up gains in relation to the euro, losing 50 paisa for buying and selling at Rs 129.25 and Rs 129.50.

Market men attributed the gain in the single European currency to remark by the President of the European Central Bank, in which he urged 17 European Union states to use euro to move swiftly toward completing a full banking union to stabilise the block's financial sector.

In the final Asian trade, the yen fell after Japan said the Group of 20 has accepted Tokyo's stance that the Bank of Japan's sweeping monetary expansion is aimed at beating deflation and not at competitively weakening the yen. The comments by Japanese Finance Minister Taro Aso eased concerns that the bold monetary stimulus, which had triggered a drop in the yen to a four-year low versus the dollar last week, could come under criticism at the G20 meeting. The dollar was trading against the Indian rupee at Rs 53.96, the US currency was available at 3.0345 in terms of the Malaysian ringgit at 3.0340 and the greenback was at 6.1789 in terms of the Chinese yuan.

Forex open Market rates & comments Archive