The rupee firmly held the overnight level against the dollar on the money market on Saturday in the process of trading, dealers said.
The dollar stumbled on Friday, capping its worst weekly performance against the euro in more than two years, pulled lower by expectations US interest rates will rise more slowly than previously expected.
The greenback also ended the week on a sour note against other currencies, with its largest weekly decline in two months against the Swiss franc and yen, two days after the Federal Reserve downgraded its forecasts for growth, inflation and interest rates. That doused investor expectations of a June tightening.
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Open Bid Rs 102.40
Open Offer Rs 102.60
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According to the currency dealers, the greenback opened at Rs 102.65 (buying) and Rs 103 (selling) against Rs 102.70 and 102.95 of Friday. The greenback was closed at Rs 102.65 and Rs 102.95 on buying and selling counters, respectively. However, some of the dealers quoted selling rate of the dollar as Rs 103.
On the other hand, the British pound appreciated its worth against the local currency. The pound was purchased and sold at Rs 152 and Rs 152.80 against Rs 151.10 and Rs 151.35 of Friday.
The dollar opened at Rs 101.75 (buying) and Rs 101.85 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 101.75 (buying) and Rs 101.85 (selling).
Pound Sterling opened at Rs 155 (buying) and Rs 155.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 155 (buying) and Rs 155.50 (selling).