Modest recovery was witnessed on the currency market on Friday amid mounting uncertainties on both the political and economic fronts following confrontations on memo issue, dealers said. The rupee picked up five paisa in relation to dollar for buying and selling at 89.55 and 89.60, they said.
Reuters adds: In the final Asian trade euro was poised to end its worst week in over a month on an upbeat note, taking heart from light short-covering in most riskier assets on Friday on the back of a well-bid Spanish bond sale and solid US economic data.
But the mood remained brittle with possible cuts in the credit ratings of euro zone countries looming after a key EU summit last week offered little respite to turbulent euro zone bond markets and cash-starved European banks. Dollar versus Indian rupee earlier slumped more than 2 percent and was on track to post its biggest single-day slide in more than two years. The pair also broke through the 61.8 percent Fibonacci retracement at 52.38 of its earlier rises this month as interbank speculators sold it.
But dollar/rupee recovered some of the slide as investors doubted the long-term effectiveness of the central bank's measures as Indian assets stayed unattractive given the country's worsening economic outlook. The yuan jumped to a record high on Friday against dollar on suspected intervention orchestrated by the central bank, its most explicit action in three months to deter speculators from bettiing on a fall in the currency The People's Bank of China (PBOC) offered large amounts of dollars via major state banks, propelling the yuan to a record high of 6.3294 per dollar, currency traders said.

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Open Buying     Rs 89.55
Open Selling    Rs 89.60
========================

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Buying          Rs 89.60
Selling         Rs 89.80
========================
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Repo Rates (Yield p a)
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Tenor       Low Bid   High Bid   Low Offer   High Offer   Average
=================================================================
Overnight   11.00       11.75      11.25       11.90        11.48
1-Week      11.50       11.80      11.60       11.85        11.69
2-Week      11.60       11.80      11.80       11.85        11.76
1-Month     11.65       11.85      11.85       11.90        11.81
2-Months    11.70       11.85      11.80       11.90        11.81
3-Months    11.70       11.80      11.80       11.85        11.79
4-Months    11.70       11.75      11.80       11.85        11.78
5-Months    11.70       11.80      11.80       11.85        11.79
6-Months    11.65       11.75      11.80       11.85        11.76
9-Months    11.70       11.85      11.85       11.90        11.83
1-Year      11.70       11.85      11.85       11.90        11.83
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor       Low Bid   High Bid   Low Offer   High Offer   Average
=================================================================
Overnight   11.00       11.75      11.25       11.90        11.48
1-Week      11.60       11.85      11.75       11.90        11.78
2-Week      11.65       11.85      11.80       11.95        11.81
1-Month     11.70       11.90      11.90       12.00        11.88
2-Months    11.70       11.90      11.85       12.00        11.86
3-Months    11.80       11.90      11.85       12.00        11.89
4-Months    11.80       11.90      11.90       12.00        11.90
5-Months    11.85       11.90      11.90       12.00        11.91
6-Months    11.85       11.95      11.95       12.00        11.94
9-Months    11.85       12.00      12.00       12.10        11.99
1-Year      11.90       12.00      12.10       12.15        12.04
=================================================================