The recovery phase continued on the money market on Friday as the rupee rose from the bottom after hitting the all-time low during the two weeks against dollar, dealers said. Today, federal budget (2012-13) has been announced, now, interestingly, it is watched that how the rupee performs, whether it retains its present pace or lose ground versus dollar, experts said.
The rupee also picked up Re.1 in relation to euro for buying and selling at Rs 116.00 and Rs 117.00, they added. According to the Reuters: In the final Asian trade, euro hit a two-year low and was seen at risk of falling further in coming weeks, dogged by worries that Spain may need external aid to shore up its struggling banking sector and fix its public finances.
The Indian rupee strengthened on the back of dollar sales by corporates but it still posted a ninth consecutive weekly drop, its worst losing streak since the Lehman crisis. The partially convertible Indian rupee closed at 55.54/55 per dollar, one percent stronger than its Thursday's close of 56.08/09. The unit traded in a broad range of 55.53 to 56.28 during the day.
A slow and steady pace of yuan depreciation would be in line with China's latest moves to boost its growth but avoid excessive stimuli. Yuan one-year non-deliverable forwards continued to move away from spot prices and ended trading at a spread of around 540 pips (5.4 basis points) weaker than the yuan spot, implying depreciation around 1.5 percent.
The offshore yuan (CNH) continued to track the onshore yuan but maintained its trend of trading slightly weaker than the onshore spot, which may be related to tightening liquidity in the CNH market. The supply of offshore yuan continued to contract in April, and has now shrunk for five consecutive months.

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Buying          Rs 93.75
Selling         Rs 93.85
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Open Buying     Rs 94.10
Open Selling    Rs 94.40
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