The rupee recovered moderately against dollar on the currency market on Wednesday in process of trading, dealers said. The rupee appreciated by 17 paisa against dollar for buying at 90.70 and 18 paisa for selling at 90.72, they said.
On top of BoJ's expansion of its asset-buying scheme, Japan's shrinking current account surplus, its trade deficit and signs of economic recovery in the United States all weighed on yen, triggering big gains in the shares of Japanese exporters on Wednesday. The yuan closed almost unchanged against dollar after People's Bank of China fixed a slightly weaker mid-point that sent a signal that the government hopes to keep the yuan stable in the near term. Dollar was trading versus Indian rupee at Rs 49.26, and at 3.0345 in terms of Malaysian ringgit.
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Open Buying Rs 90.70
Open Selling Rs 90.90
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Buying Rs 90.70
Selling Rs 90.72
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According to the currency dealers, the dollar's trading commenced at its day earlier closing of Rs 90.90 and Rs 91.20 on buying and selling counters, respectively. The dollar witnessed no change in its buying rate during the day's trading and remained unchanged at Rs 90.90 while its selling rate was ended higher at Rs 91.30, the dealers said.
The rupee also showed strength and was improved by 20 paisa on buying side while its selling rate stayed unchanged against the British pound. The pound was traded at Rs 142.00 and Rs 143.00 on buying and selling counters as compared to last day closing of Rs 142.20 and Rs 143.00, respectively, the dealers said.
The dollar opened at Rs 91 (buying) and Rs 91.20 (selling) against Rs 90.50 (buying) and Rs 90.70 (selling). It did not observe further change in the second session and closed at Rs 91 (buying) and Rs 91.20 (selling).
Pound Sterling opened at Rs 142 (buying) and Rs 142.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 142 (buying) and Rs 142.50 (selling).