Steady trend was seen on the local currency market on Monday as dollar supply was enough to meet the demand, dealers said. On the interbank market the rupee inched up with a gain of three paisa versus dollar for buying at 85.72 and rose by two paisa for selling at 85.76, marketmen said.
Upward trend in remittances helped the rupee to recover modestly in terms of dollar, they said. In the first Asian trade dollar remained under pressure following weak US jobs figures, with the market cautiously awaiting a Federal Reserve policy meeting later this week, brokers said.
The dollar fetched 85.37 yen in Tokyo morning trade, down from 85.51 yen in New York late Friday. The euro changed hands at 1.3287 dollars, against 1.3280 in New York, and 113.41 yen, down from 113.53 yen. "Tokyo was taking over dollar-selling momentum from New York late last week, when weak unemployment figures were released," said Tomohiro Nishida, a dealer at Chuo Mitsui Trust Bank.
Some 131,000 jobs were lost and the unemployment rate remained stuck at 9.5 percent last month, the US government said on Friday, as federal and local governments slashed jobs.
The data added to the view that the Federal Reserve may be forced to do more to help the faltering US recovery along. "Now all eyes are on the FOMC (Federal Open Market Committee) meeting," Nishida said. China's yuan jumped against dollar to a record high in response to the central bank's decision to set yuan's reference rate at its highest since a landmark 2005 revaluation. The People's Bank of China fixed yuan's daily mid-point at 6.7685 versus dollar on Monday.
The Indian rupee edged higher aided by losses in dollar after disappointing US July payrolls and early gains in local shares, but dollar demand from importers limited a further rise.
At 10:40 am (0510 GMT), the partially convertible rupee was at 46.08/09 per dollar, after opening at 46.02 and slightly stronger than its 46.15/16 close on Friday, when it had touched 45.97 --its strongest since June 22.

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Open Buying      Rs 85.75
Open Selling     Rs 85.90
=========================

=========================
Buying           Rs 85.72
Selling          Rs.85.76
=========================
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Repo Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight    12.00     12.80       12.25       12.90        12.49
1-Week       11.50     12.30       12.30       12.50        12.15
2-Week       11.60     12.35       12.40       12.50        12.21
1-Month      11.70     12.45       12.35       12.50        12.25
2-Months     11.85     12.45       12.30       12.50        12.28
3-Months     12.05     12.45       12.35       12.50        12.34
4-Months     12.10     12.45       12.40       12.50        12.36
5-Months     12.10     12.45       12.40       12.60        12.39
6-Months     12.25     12.50       12.45       12.60        12.45
9-Months     12.25     12.50       12.45       12.60        12.45
1-Year       12.30     12.60       12.50       12.70        12.53
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight    12.00     12.85       12.30       12.90        12.51
1-Week       12.10     12.60       12.40       12.65        12.44
2-Week       12.10     12.50       12.40       12.60        12.40
1-Month      12.20     12.60       12.50       12.75        12.51
2-Months     12.25     12.80       12.50       12.90        12.61
3-Months     12.30     12.90       12.60       13.25        12.76
4-Months     12.30     12.90       12.60       13.25        12.76
5-Months     12.35     13.00       12.70       13.25        12.83
6-Months     12.40     13.10       12.75       13.30        12.89
9-Months     12.50     13.20       12.75       13.35        12.95
1-Year       12.60     13.25       12.80       13.40        13.01
=================================================================