Divergent trend was witnessed on the currency market on Friday in process of trading, dealers said. The rupee was firm as it did not show any change in terms of dollar for buying and selling at 90.22 and 90.26, they said.
In the final session of Asian trade yen was on track to post its biggest daily gain in a month against dollar, as exporters stepped up month-end purchases and hedge funds piled in, triggering stop losses, traders said. Japanese corporates sold dollar which had been drifting lower after hitting a two-month high this week. This prompted hedge funds to follow suit, pushing the greenback through support at its 100-day moving average of 72.20 yen. The dollar was trading versus the Indian rupee at Rs 49.57. versus the Malaysian ringgit, it was at 3.0380 and it was at 6.333 in terms of the Chinese yuan.
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Open Buying Rs 90.22
Open Selling Rs 90.26
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Buying Rs 90.25
Selling Rs 90.45
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According to the currency dealers, the dollar witnessed fresh demand that helped its appreciation in the local market. At the end of trading, the dollar was closed higher at Rs 90.20 and Rs 90.50 on buying and selling side, as compared to day earlier closing of Rs 90.10 and Rs 90.40, respectively.
Similarly, the rupee could not get out of the pressure and was further declined against the pound sterling. The pound's buying and selling rates were improved from Thursday closing of Rs 140.80 and Rs 141.50 to Rs 141.00 and Rs 142.00, respectively, they added.
The dollar opened at Rs 89.00 (buying) and Rs 89.20 (selling) against the last rate. It did not observe further change in the second session and closed at Rs 89.00 (buying) and Rs 89.20 (selling).
Pound Sterling opened at Rs 138.00 (buying) and Rs 138.90 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 138.00 (buying) and Rs 138.90 (selling).