Steadier trend was witnessed on the currency market on Friday as the rupee managed to recover modestly versus the dollar, dealers said. The rupee posted fresh gains versus the dollar, picking up three paisa for buying and selling at Rs 98.32 and Rs 98.34, they added.
In the final Asian trade, the yen touched a 3-1/2-year low on Friday after suffering its biggest one-day tumble since late 2008 in the previous session, when the Bank of Japan surprised markets with a radical campaign of monetary expansion to attack deflation. The dollar rose as high as 97.20 yen on trading platform EBS, a level not seen since August 2009. The dollar was trading against the Indian rupee at Rs 54.83, the greenback was available at 3.0625 versus the Malaysian ringgit and the greenback was at 6.2010 in terms of the Chinese yuan.
========================
Open Bid Rs 99.00
Open Offer Rs 99.25
========================
========================
Bid Rate Rs 98.32
Offer Rate Rs 98.34
========================
According to the currency dealers, the dollar resumed trading at its overnight levels at Rs 99.20 and Rs 99.50 for buying and selling, respectively.
There was no change in the dollar's buying rate that remained unchanged at Rs 99.20. However, the dollar lost 25 paisa for selling at Rs 99.25, the dealers said.
On the country, the rupee maintained downward trend for another day and was further depreciated against the British pound. The pound was purchased and sold at Rs 149.50 and Rs 149.75 compared with Thursday closing of Rs 148.50 and Rs 149.50, respectively, they added.
The dollar opened at Rs 99.20 for buying and Rs 99.30 for selling against same last rate. It closed on same period of Rs 99.20 for buying and Rs 99.30 for selling by the end of evening session.
Pound Sterling opened at Rs 154 for buying and Rs 155 for selling against same last rate. It closed at the same rate without further change in the evening session.