Bearish sentiment was seen in the iner-bank market on Saturday as the rupee shed two paisa against the dollar for buying and selling at Rs 60.74 and Rs 60.75, dealers said.
It was expected that the rupee may face slight devaluation against dollar ahead of announcement of the federal budget (2007-08), which is likely next week, they said.
In the world market dollar gained slightly at the weekend after a report, showing the US economy added 157,000 new jobs in May, above the median forecast, suggesting the Federal Reserve may have to hold rates steady for some time. But the dollar swiftly turned lower after lower than expected US core inflation reading.
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Kerb Buying Rs 60.85
Kerb Selling Rs 60.92
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Buying Rs 60.74
Selling Rs 60.75
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Similarly, the rupee remained under pressure and lost 45 paisa against pound sterling. The pound's buying rate improved from Friday's closing of Rs 120.00 to Rs 120.45 while its selling rate increased from Rs 120.30 to Rs 120.75, dealers added.
The dollar opened at Rs 60.80 (buying) and Rs 60.90 (selling) against same previous rate. It did not observe further change in the evening spell and closed at Rs 60.80 (buying) and Rs 60.90 (selling).
Pound sterling opened at Rs 119.80 (buying) and Rs 119.90 (selling) against same previous rate. It did not observe any change in the second spell and closed at Rs 119.80 (buying) and Rs 119.90 (selling).