The rupee commenced the New Year 2011 on a happy note against the dollar, it however, fell versus euro on the open market on Saturday, dealers said. The rupee gained sharply by 20 paisa against dollar for buying at 85.50 and rose by 10 paisa for selling at 85.70, they added.
The rupee, however, depreciated versus euro, losing Re.1 for buying and selling at Rs 113.90 and Rs 114.40, they said. They said that the rupee, failed to show any gain against the single European currency despite the euro's fall in the international market. At the weekend, the US dollar ended a volatile year on a bit firmer than where it began with investors gearing up for gains in early 2011 on expectations the US economic recovery was gaining momentum. The euro, which had its worst year against dollar since 2005, is likely to stay under pressure as the market focuses on Portugal, Spain and other euro zone countries struggling to address debt and banking problems.

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Buying           Rs 85.50
Selling          Rs 85.70
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