The rupee moved both ways against dollar on the currency market on Friday in process of payment to the IMF, dealers said. Money experts said that despite the payment of 300 million dollars to the International Monetary Fund (IMF), the rupee resisted sharp fall and it is expected that the rupee is likely to gain further in the coming days.
The rupee, however, fell against euro as the single European currency appreciated on the globe, gaining 10 paisa for buying and selling at 119.20 and Rs 120.20, they said. In the final Asian trade euro surged 1.1 percent, poised for its biggest daily jump in eight months, after European leaders agreed on Friday to emergency action to lower borrowing costs of Italy and Spain and to create a single supervisory body for euro area banks.
A summit of the 17-nation currency zone agreed that its rescue funds could be used to stabilise bond markets without forcing countries that comply with EU budget rules to adopt extra austerity measures or economic reforms. China's spot yuan posted its largest quarterly decline against dollar on record in April-June as the Chinese economy slowed and Europe's festering debt crisis pushed the US currency higher.
The yuan has appreciated five percent against euro this quarter as the crisis in Europe has deepened, causing investors and central banks to increase dollar purchases. The spot yuan declined 0.9 percent against dollar in nominal terms so far this quarter, the biggest quarterly depreciation since the establishment of the China Foreign Exchange Trade System in 1994. The dollar was trading against the Indian rupee at Rs 56.32 and it was at 3.1750 versus the Malaysian ringgit.

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Open Buying     Rs 94.60
Open Selling    Rs 94.65
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Buying          Rs 95.60
Selling         Rs 95.80
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