Marginal slide was seen on the money market on Friday as the rupee slid versus the dollar in the process of pre-election season, dealers said.
In the final Asian trade, the dollar extended its relentless rally against the Japanese currency on Friday to break above 101 to its highest since April 2009, after signs that Japanese investors are buying more foreign assets provided yet another reason to sell yen.
The dollar last bought 101.03 yen on the EBS trading platform, after scaling to 101.20. Traders said it now faces little resistance after a swathe of stops below 100 were taken out, clearing the way for the next target of 101.45, a level not seen since October 2008.
The dollar was trading against the Indian rupee at Rs 54.56, the greenback was trading versus the Malaysian ringgit at 2.9860, the US currency was available at 6.1408 in terms of the Chinese yuan.
========================
Open Bid Rs 99.70
Open Offer Rs 99.90
========================
========================
Bid Rate Rs 98.42
Offer Rate Rs 98.43
========================
Most of the currency dealers closed their outlets in line with the Punjab government's decision; however, a few moneychangers continued their routine business.
According to them, the dollar remained under pressure and was traded at Rs 99.80 and Rs 99.95 as its buying and selling rates against the overnight closing of Rs 99.70 and Rs 100.10, respectively.
Similarly, the local currency recovered its earlier loss and was improved against the pound sterling. The pound's buying and selling rates were slide down from Thursday closing of Rs 153.80 and Rs 154.50 to Rs 152.00 and Rs 153.05, 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.