The rupee fluctuated but slightly versus the dollar on the local money market on Friday in the process of trading, dealers said. The rupee slipped by four paisas in relation to the dollar for buying and selling at Rs 121.52 and Rs 121.55 respectively, they said.
The Philadelphia Federal Reserve's manufacturing index fell sharply to a 1-1/2 year low, raising concern about the world's largest economy and prompting some traders to book profits on bullish dollar bets, analysts said.
"The weak Philly Fed index reinforced fears that President Trump's trade war would hurt the US economic outlook and worsened the mood," said Kengo Suzuki, chief forex strategist at Mizuho Securities.
The dollar was trading against the Indian rupee at Rs 67.868, the greenback was at 4.010 in terms of the Malaysian ringgit and the US currency was available at 6.500 versus the Chinese yuan.
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Open Bid Rs.124.00
Open Offer Rs.124.50
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Bid Rate Rs.121.52
Offer Rate Rs.121.55
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The greenback resumed trading on its overnight closing of Rs 124.00 and Rs 125.00 as its buying and selling rates, respectively. At the close, it appreciated by 45 paisas and ended for buying at Rs 124.45. However, it firmly held its opening trend for selling at Rs 125.00, local currency dealers said.
In addition, the local currency maintained declining trend for the second consecutive day against the pound sterling. Resultantly, the pound's buying and selling rates further rose from Thursday's closing of Rs 160.50 and Rs 161.50 to Rs 161.50 and Rs 162.50 respectively, they added.
The dollar opened at Rs124 (buying) and Rs124.20 (selling) against same last rate. The dollar fluctuated in the second session and closed at Rs124 (buying) and Rs124.20 (selling).