The rupee continued its upward move slowly and steadily on Friday in a bit improved law and order situation in the city, dealers on currency market said. The day proved to be favourable for the rupee which inched up versus dollar by two paisa both for buying and selling at 90.66 and 90.68, respectively, they said.
Reuters adds : The yen briefly jumped to a three-week high against dollar on Friday as speculators bought the currency, triggering stop losses, but a lack of expected strong follow-through buying by businesses saw the yen edge back. The yen hit its highest level in three weeks at 81.83 yen , after tripping stops around Thursday's high of 81.90, but dollar buying by bargain hunters, including importers, saw it retreat to 82.03.
"The dollar has gained on the back of improvements in the US economy and lack of more turmoil in the euro zone, with the Bank of Japan providing some additional support," said Koji Fukaya, chief currency strategist in Credit Suisse in Tokyo. The dollar's rally was also bolstered by The euro stood at 109.57 yen, pulling away from a trough of 108.76 hit overnight, its lowest in one week.
Beijing will release on Sunday its official PMI reading for March. With markets still fretting about China hard-landing concerns, the data will be closely watched to gauge the extent of the nation's slowdown. Expectations are for 50.8, slightly under February's 51. Japan's PMI for March was surprisingly strong at a 7-month high of 51.1, while household spending was also upbeat.
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Open Buying Rs 90.66
Open Selling Rs 90.68
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Buying Rs 90.90
Selling Rs 91.10
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According to the currency dealers, there was no change in the dollar's demand and supply situation that helped rupee stability in the open market. The dollar was traded at its overnight closing of Rs 91.10 and Rs 91.30 as its buying and selling rates, respectively.
On the contrary, the rupee failed to maintain its position and remained under pressure against the pound sterling. The pound's buying and selling rate was improved from Thursday closing of Rs 143.50 and Rs 144.20 to Rs 144.30 and Rs 145.00 respectively, the dealers said.
The dollar opened at Rs 91 (buying) and Rs Rs 91.20 (selling) against same previous rate. It did not observe any 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 previous rate. It did not observe further change in the evening session and closed at Rs 142 (buying) and Rs 142.50 (selling).