Inflows helped the rupee to recover its gains against dollar on the currency market on Friday, experts said. The rupee appreciated by 18 paisa in relation to dollar for buying and selling at 85.62 and 85.67, they said.
The dollar also retreated against emerging Asian currencies such as Singapore dollar, and slid 0.6 percent versus a basket of major currencies to 75.107, pulling away from a two-month high of 76.366 hit earlier this week.
The dollar had rallied earlier in May after a rout in commodities such as silver and oil spooked investors, prompting them to unwind dollar-funded bets on risky assets.
The yuan ended little changed against dollar on Friday, even though the People's Bank of China set the mid-point at a record high, as dealers reported large dollar demand from corporate clients. Indian rupee was trading at Rs 45.30 versus dollar and Malaysian ringgit was at 3.0290 in terms of the greenback.
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Open Buying Rs 85.62
Open Selling Rs 85.67
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Buying Rs 85.80
Selling Rs 86.00
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Repo Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 13.00 13.75 13.40 13.90 13.51
1-Week 12.50 13.35 13.30 13.40 13.14
2-Week 12.75 13.25 13.25 13.35 13.15
1-Month 12.75 13.25 13.25 13.30 13.14
2-Months 12.80 13.20 13.20 13.30 13.13
3-Months 12.90 13.20 13.25 13.30 13.16
4-Months 12.90 13.25 13.25 13.30 13.18
5-Months 13.00 13.35 13.35 13.40 13.28
6-Months 13.20 13.40 13.35 13.50 13.36
9-Months 13.25 13.50 13.50 13.60 13.46
1-Year 13.40 13.60 13.55 13.70 13.56
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Call Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 13.00 13.75 13.40 13.90 13.51
1-Week 12.60 13.45 13.35 13.50 13.23
2-Week 12.80 13.35 13.30 13.40 13.21
1-Month 12.90 13.35 13.30 13.40 13.24
2-Months 12.90 13.35 13.30 13.40 13.24
3-Months 13.10 13.45 13.30 13.50 13.34
4-Months 13.10 13.40 13.35 13.50 13.34
5-Months 13.25 13.50 13.40 13.60 13.44
6-Months 13.30 13.60 13.45 13.65 13.50
9-Months 13.50 13.70 13.60 13.75 13.64
1-Year 13.50 13.75 13.60 13.90 13.69
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According to the currency dealers, the dollar's demand could not remain intact that helped rupee appreciation in the open market. The dollar was closed at Rs 86.00 and Rs 86.20, as its buying and selling rates against the overnight closing of Rs 86.00 and Rs 86.30, respectively.
However, the rupee maintained downward slide and further declined against the pound sterling. The pound's buying and selling rates were improved from the Thursday closing of Rs 140.00 and Rs 141.00 to Rs 141.00 and Rs 142.00, respectively, the dealers said.
The dollar resumed trading at Rs 84.60 (buying) and Rs 85.20 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 84.60 (buying) and Rs 85.20 (selling).
Pound Sterling opened at Rs 136.50 (buying) and Rs 137.60 (selling) against the previous rate. It did not witness any change in the evening session and closed at Rs 136.50 (buying) and Rs 137.60 (selling).