The rupee was down against dollar on the currency market on Monday in process of trading, dealers said. The rupee drifted lower versus dollar, shedding 8 paisa for buying at 85.68 and 85.72, they said.
INTERBANK MARKET RATES: It was rising demand by importers which dragged the rupee down in terms of the US currency and it looks that the rupee may move both ways in the coming days, they added. In the First Asian trade euro fell against dollar in the first trading session of 2011, giving back most of the gains it made late last week when it surged on short-covering in thin, year-end trade. The euro had climbed last week as euro bears gave up their positions, frustrated by the currency's firm support at its 200-day moving average just below $1.31. On Friday, its rise had gained steam after stop-loss bids were triggered.
But euro failed to sustain its rally, weighed down by persistent worries over the euro zone's sovereign debt crisis.
A story in Britain's Telegraph newspaper saying European debt markets could face another crisis in months was taken as a cue to sell euro, market players said. The Indian rupee treaded water as a broad rise in the dollar against major currencies was offset by gains in shares and other Asian peers. By 10:20 am (0450 GMT), the partially convertible rupee was at 44.69/70 per dollar, little changed from 44.70/71 at close on Friday. It moved in a tight range of 44.6725-44.78. Malaysian ringgit was trading at 3.064 versus dollar.
OPEN MARKET RATES: The rupee fell versus dollar, losing 10 paisa for buying at 85.60 and came down by five paisa for selling at 85.75, they added. The rupee, however, appreciated versus euro, gaining 45 paisa for buying and selling at Rs 113.45 and Rs 113.95, they said.
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Open Buying Rs 85.60
Open Selling Rs.85.75
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Buying Rs.85.68
Selling Rs.85.72
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RUPEE IN LAHORE: The rupee remained unchanged against dollar at Lahore currency market on Monday.
ISLAMABAD: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar resumed trading at Rs 85.55 (buying) and Rs 85.80 (selling) against last rate of Rs 86.20 (buying) and Rs 86.30 (selling). It did not observe further change in the evening session and closed at Rs 85.55 (buying) and Rs 85.80 (selling).
Pound Sterling opened at Rs 136.20 (buying) and Rs 136.70 (selling) in the morning session. It did not observe further change in the last trading hours and closed at Rs 136.20 (buying) and Rs 136.70 (selling).
According to dealers, the dollar was traded at Saturday's Rs 85.50 and Rs 85.80 as buying and selling rates, respectively.
However, the rupee lost 30 paisa on buying side while it remained unchanged on the selling side against pound sterling. The pound was purchased and sold at Rs 132.30 and Rs 133.00 as compared to previous closing of Rs 132.00 and Rs 133.00 respectively, dealers said.
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