The rupee moved both ways on currency market during the week ended on September 3, 2010. On the inter-bank market, the rupee shed three paisa against dollar for buying at 85.65 and four paisa for selling at 85.70.
On the open market, the rupee gained 10 paisa versus dollar for buying at 85.40 and 20 paisa for selling at 85.50. The rupee, however, lost 90 paisa in relation to euro for buying and selling at Rs 108.90 and Rs 109.40.
Easy supply of dollars helped the rupee to resist sharp losses versus dollar. In the meantime, it looked that the rupee might shed its gains versus dollar in the coming days due to dollar buying pressure.
INTER-BANK MARKET RATES: On Monday, the rupee gained 2 paisa in relation to dollar for buying and selling at 85.64 and 85.68.
On Tuesday, the rupee appreciated by five paisa versus dollar for buying and selling at 85.59 and 85.63.
On Wednesday, the rupee shed three paisa versus dollar for buying at 85.62 and two paisa for selling at 85.65. On Thursday, the rupee inched up by two paisa versus dollar for buying at 85.60 and one paisa for selling at 85.64. On Friday, the rupee lost five paisa versus dollar for buying at 85.65 and six paisa for selling at 85.70.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the Indian rupee climbed up as a rise in domestic shares fuelled expectations for more foreign fund inflows, but the dollar's gains versus majors kept a lid on the gains.
At 10:50 am (0520 GMT), the partially convertible rupee was at 46.82/83 per dollar, 0.1 percent stronger from Friday's close of 46.89/90. Inter-bank buy/sell rates for the taka against dollar on Monday. 69.58/69.59 (previous 69.57/69.5780). Call Money Rates: 4.50-5.75 percent (previous 4.00-5.75 percent).
In the second Asian trade, the yen rose towards a 15-year high against dollar as traders looked to test Japanese authorities' resolve on intervention after the Bank of Japan's easing steps the previous day failed to scare investors from betting on it rising further.
With mounting US economic worries seen keeping investors away from risk assets such as high-yielding currencies, the market is likely to push up the low-yielding yen, which could eventually prompt Japan to sell its currency in the markets for the first time in more than six years.
Inter-bank buy/sell rates for the taka against the dollar on Tuesday: 69.58/69.60 (previous 69.58/69.59); Call Money Rates: 4.50-7.75 percent (previous 4.00-5.80 percent).
The yuan closed down against dollar on Tuesday and scored its biggest monthly loss since its landmark July 2005 revaluation as the People's Bank of China set a surprisingly low mid-point, signalling its determination to halt the yuan's appreciation after its depegging in mid-June.
The Indian rupee slipped to its lowest level in more than a month on Tuesday, weighed by losses in local shares and other Asian peers. Growth data due around 0530 GMT was expected to set the trend.
The partially convertible rupee was at 47.04/05 per dollar, after touching 47.07, its weakest since July 23 and down 0.3 percent from 46.91/92 at close on Monday.
In the third Asian trade, the yen fell as Australian dollar surged on faster-than-expected growth in Australia's economy and a moderate rebound in China's manufacturing sector.
The yen extended losses slightly after Japanese ruling party power broker Ichiro Ozawa, challenging Prime Minister Naoto Kan in a party leadership vote, said he would implement steps including intervention if the yen rose sharply.
Indian rupee was available at Rs 46.55 in relation to the greenback; Malaysian ringgit was trading at 3.1375; and Chinese yuan was available at 6.8119 versus the dollar.
In the fourth Asian Trade, the dollar was on the defensive, retaining most of the losses sustained the previous day when upbeat data helped lure investors away from safe-haven currencies and assets.
Figures released on Wednesday showed that the US manufacturing sector grew faster than expected and China's factory output regained momentum in August, while Australia's economy expanded at its fastest pace in three years in the second quarter.
Indian rupee was trading at Rs 46.81 versus dollar; Malaysian ringgit was available at 3.1275 in terms of the US currency; and Chinese yuan was trading at 6.800 in relation to the greenback.
Inter-bank buy/sell rates for the taka against the dollar on Thursday: 69.58/69.60 (previous 69.58/69.60). Call Money Rates: 4.50-5.75 percent (previous 4.00-6.00 percent).
In the final session of Asia, the euro and high-yielding currencies held firm after an improvement in US housing and jobless claims data bolstered investor appetite for risk ahead of key US jobs data due later in the day.
Still reflecting simmering worries about a slowdown in the US and global economies, the yen was locked near a 15-year high against dollar and the Swiss franc hovered near a record peak against the euro.
Indian rupee was available at Rs 46.72 versus dollar; Malaysian ringgit was trading at 3.1230 in terms of the greenback; and Chinese yuan was trading at 6.801 versus the US currency.
OPEN MARKET RATES: On August 30, the rupee held the overnight level against dollar for buying at 85.50 while it rose by five paisa for selling at 85.65.
The rupee retained its overnight levels against euro for buying and selling at Rs 108.00 and Rs 108.50.
On August 31, the rupee gained five paisa versus dollar for buying and selling at 85.45 and 85.60. The rupee rose by 24 paisa against euro for buying and selling at Rs 107.76 and Rs 108.26.
On September 1, the rupee retained its overnight levels in terms of dollar for buying and selling at 85.45 and 85.60. The rupee, however, lost 33 paisa against euro for buying and selling at Rs 108.09 and Rs 108.59.
On September 2, the rupee posted a gain of five paisa versus dollar for buying and selling at 85.40 and 85.55. The rupee, however, drifted lower against euro for buying and selling at Rs 108.88 and Rs 109.38.
On September 3, the rupee maintained its overnight level against dollar for buying at 85.40 while it gained five paisa for selling at 85.50. The rupee shed two paisa against euro for buying and selling at Rs 108.90 and Rs 109.40.