Easier trend was seen on the currency market on Friday as the rupee continued downward trend versus the dollar on demand, dealers said. The dollar supply is not so good but it is a fact that the rupee is struggling hard to keep away from huge losses, money experts said.
INTERBANK MARKET RATES: The rupee extended its decline versus the dollar, losing seven paisa for buying at 97.50 and it shed nine paisa for selling at 97.55, they said.
OPEN MARKET RATES: The rupee also depicted downward trend in relation to the dollar for buying and selling at 98.20 and 98.40, they said. The rupee, however, managed to gain 70 paisa in terms of the euro for buying at Rs 127.60 and Rs 128.60, they said. In the final Asian trade, the dollar rose to its highest level against the yen in nearly 2-1/2 years on Friday, while the euro also firmed against the yen on expectations that this year will bring more monetary stimulus by the Bank of Japan.
The euro hit a three-week low against the greenback after minutes from the US Federal Reserve's last meeting indicated that while the Fed looks set to continue buying bonds, some policymakers are reticent about further increasing its 2.9 trillion dollars balance sheet. The dollar was trading against the Indian rupee at Rs 54.50, the greenback was at 3.0413 in terms of the Malaysian ringgit and the US currency was at 6.2316 in relation to the Chinese yuan.
Open Buying Rs 98.20
Open Selling Rs 98.40
Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
Bid Rate Rs 97.50
Offer Rate Rs 97.55