The rupee could not retain its gains against dollar on the currency market on Friday because of higher demandd for dollars, marketmen said The dollar is short of demand and it is very obvious that supply is drying up with the pace of time as a result of out flow of huge investment from stock market, non-availability of funds or loans from foreign countries and falling trend in the Foreign Direct Investment (FDI), money experts said.
Unfavourable political and economic conditions are basically not good for positive developments in any country of the world, so, our country is, unfortunately facing many confrontations on internal and external fronts in the absence of right direction and sensible approach towards the objectives, they said.
Reuters adds: in the final Asian trade, yen slipped after the Bank of Japan eased monetary policy, going slightly beyond market expectations in its much-awaited easing steps, while euro was bruised after Standard & Poor's hit Spain with a two-notch credit rating downgrade. The Bank of Japan increased bond buying by 10 trillion yen, expanded the target of its bond purchase to bonds with up to three years left to maturity from those with two years or less now and also increased its buying of stock ETFs. The dollar was available against the Indian rupee at Rs 52.71, the greenback versus the Malaysian ringgit was trading at 3.0510 and the US currency was in relation to the Chinese yuan at 6.3084.
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Open Buying Rs 90.88
Open Selling Rs 90.92
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Buying Rs 91.35
Selling Rs 91.55
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The dollar opened at Rs 91.50 and Rs 91.60 on buying and selling counters, respectively, against Rs 91.40 and Rs 91.60 on Thursday. In the absence of buyers, the dollar closed at Rs 91.40 and Rs 91.60 as its buying and selling rates, respectively. However, some of the dealers quoted selling rate of the greenback as Rs 91.55.
On the contrary, the Pound Sterling remained firm against the local currency. The pound was purchased and sold at Rs 147.50 and Rs 148.00, respectively, as against Rs 147.20 and Rs 147.50 of Thursday, the dealers said.
The dollar opened at Rs 91 on buying side and at Rs 91.20 on selling side against same overnight value. Ever-favourite greenback did not observe any further change in the second session and closed at Rs 91 on buying side and at Rs 91.20 on selling side.
Pound Sterling opened at Rs 142 (buying) and at Rs 142.50 (selling) against same previous rate. British currency did not observe any further change in the last trading hours and closed at Rs 142 (buying) and at Rs 142.50 (selling).