Importers' demand for dollar, dragged the rupee into minus column in the interbank market on Saturday, shedding three paisa for buying and selling at 59.99 and 60.01, respectively.
It is a natural phenomenon that when banks' dollar buying increases, the rupee goes down, analysts said. At the end of the fiscal year 2005-06, the dollar buying went up to meet the import payments, they added.
In the world markets, the dollar posted fresh gains versus the leading currencies after falling trend in commodities prices, they observed.
The local currency, however, edged down on dollar's slight recovery in the world market, shedding 13 paisa for buying at Rs 76.87 versus euro and slid 10 paisa for selling at Rs 77.00, they said.
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Buying Rs 60.40
Selling Rs 60.45
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Buying Rs 59.99
Selling Rs 60.01
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According to the currency dealers, the dollar registered increase in its demand, which further pushed down the value of the local currency. The dollar resumed trading at Rs 60.45 and Rs 60.55 on buying and selling sides, respectively. Due to surge in demand, the dollar moved up and closed at Rs 60.55 and Rs 60.65 on buying and selling counters, respectively, as against Friday's closing rates of Rs 60.50 and Rs 60.60, the dealers said.
On the contrary, the local currency maintained upward trend and gained strength against the pound sterling. The British pound was purchased at Rs 113.25 and was sold at Rs 113.50 as compared to Rs 112.75 and Rs 113.20 of Friday, the dealers added.
The dollar opened at Rs 60.35 (buying) and Rs 60.45 (selling) against same last rate. It did not observe any further change and closed at Rs 60.35 (buying) and Rs 60.45 (selling).
Pound sterling opened at Rs 113 (buying) and Rs 113.20 (selling) against same previous rate. It did not witness any further change and closed at Rs 113 (buying) and Rs 113.20 (selling).