THE RUPEE: falling trend persists

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Weekly Updates - Rupee in a flash

Declining trend persisted on the money market on Friday as the rupee slipped marginally in process of trading, dealers said. The rupee shed three paisa versus the dollar for buying at 97.95 and it dropped four paisa for selling at 97.99, they said.

INTERBANK MARKET RATES: OPEN MARKET RATES: The same trend was witnessed on the open market as the rupee also fell by five paisa in relation to the dollar for buying and selling at 99.65 and 99.85, they said. The rupee gained 20 paisa in relation to the euro for buying and selling at Rs 134.30 and Rs 135.30, they said.

In the final Asian trade, the euro hovered near a two-week low after the European Central Bank's chief hinted at concern about the impact of the currency's recent strength on the economy, in remarks that analysts said went further than they had expected. Mario Draghi said on Thursday that the exchange rate is important for growth and price stability and that he wants to see "whether the appreciation is sustained and will alter our risk assessment".

The euro traded at $1.3410, close to its late US levels after having fallen 0.9 percent on Thursday, when it briefly dropped as low as $1.33705, the lowest since January 25. The dollar was trading versus the Indian rupee at Rs 53.60, the greenback was at 3.0985 in terms of the Malaysian ringgit and the US currency was at 6.2350 in relation to the Chinese yuan.

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