Downward trend was seen on the money market on Saturday as the rupee fell due to persistent demand for dollars, dealers said. The rupee drifted lower against dollar, shedding another five paisa for buying and selling at 91.05 and 91.25, they said.
Spain, Europe's fourth-largest economy, set itself on Friday a softer 2012 deficit target than originally agreed to under the euro zone's austerity drive. Prime Minister Mariano Rajoy said Spain's new 2012 target of 5.8 percent of gross domestic product was more realistic than the original goal of 4.4 percent but still fiscally demanding.
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Open Buying Rs 91.05
Open Selling Rs 91.25
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According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs.91.00 and Rs.91.20 as its buying and selling rates, respectively. There was no visible change in the dollar's rate during the day's trading. However, at the end of trading, the dollar was closed at Rs.91.10 and Rs.91.25 on buying and selling counters, respectively.
The rupee showed strength and was appreciated against the British pound. The pound's buying and selling rates were declined to Rs.143.85 and Rs.144.50 as compared to Friday closing of Rs.144.00 and Rs.145.00, respectively, the dealers said.
The dollar resumed trading at Rs.91 (buying) and Rs.91.20 (selling) against same overnight value. Ever-favorite greenback did not witness any further change in the last trading hours and closed at Rs.91 (buying) and Rs.91.20 (selling).
Pound Sterling resumed trading at Rs.142 (buying) and Rs.142.50 (selling) against same previous rate. British currency did not observe further change in the evening session and closed at Rs.142 (buying) and Rs.142.50 (selling).