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.
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.
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Open Buying Rs 85.60
Open Selling Rs.85.75
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Buying Rs.85.68
Selling Rs.85.72
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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.