THE RUPEE: steadier trend

21 Apr, 2013

Steadier trend was witnessed on the local currency market on Saturday as the rupee held the overnight levels versus the dollar in the process of trading, dealers said. The rupee did not move any side against the dollar for buying and selling at Rs 99.15 and Rs 99.35, they said.
While, the rupee shed 25 paisa in relation to the euro for buying and selling at Rs 129.00 and Rs 129.25. At the week-end, the US dollar and euro rallied 1.5 percent versus the yen after Japan said the Group of 20 countries did not oppose its aggressive monetary easing aimed at beating deflation rather than at weakening its currency.
Traders said hedge funds resumed buying the dollar against the yen, leaving the pair poised to test strong resistance and option barriers at the 100 yen level in the coming days. The dollar hit a four-year high of 99.94 yen last week.



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Open Bid Rs 99.15
Open Offer Rs 99.35
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Likewise, the rupee could not get out of the pressure and was declined against the pound sterling. The pound was traded at Rs 150.50 and Rs 151.30 on buying and selling counters compared with last day closing of Rs 150.20 and Rs 151.00, respectively, the dealers said.

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