As a result of payment to the International Monetary Fund (IMF), demand for dollars went up, which caused slight fall in the value of the rupee in the open market on Saturday, dealers said. The dollar became dearer after the payment of 397 million dollars to the IMF. It is likely that the rupee may recover its lost ground in the near future, they said.
The single currency shared by 17 countries pared losses after central bank sources told Reuters the European Central Bank is considering setting yield band targets under a new bond-buying program to let it keep its strategy shielded and avoid speculators trying to cash in.
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Open Buying Rs 94.80
Open Selling Rs 95.00
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According to the currency dealers, the dollar commenced trading at its overnight closing of Rs 94.90 and Rs 95.20 as its buying and selling rates, respectively. In the absence of buying interest, the dollar could not sustain and was declined to Rs 94.80 and Rs 95.10 on buying and selling side, respectively, the dealers said.
Similarly, the rupee maintained upward slide for the second day and was appreciated against the British pound. The pound's buying and selling rates were ended lower at Rs 148.60 and Rs 149.30 as compared to Friday closing of Rs 148.70 and Rs 149.50, respectively, they added.
Following Eid holidays, the dollar resumed trading at Rs 94.2 (buying) and Rs 94.3 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 94.2 (buying) and Rs 94.3 (selling). Pound Sterling opened at Rs 146 (buying) and Rs 146.5 (selling) against same previous rate. It did not observe further change in the evening session and closed at Rs 146 (buying) and Rs 146.5 (selling).