Firmness prevailed on the money market on Friday as the rupee maintained upward march versus the dollar, dealers said. The rupee gained 15-paisa against the dollar for buying and selling at Rs 98.32 and Rs 98.35 respectively, they said.
In the final Asian trade, the Thai baht rose to its strongest level in more than three weeks on Friday and most emerging Asian currencies looked set to enjoy weekly gains as a jump in the yuan offset concerns about the escalating civil war in Iraq.
The baht advanced on bond inflows and after the leader of the military government said an interim government would be set up by August. The yuan hit two-month highs against the dollar, and looked set for its best weekly performance since December 2011. The dollar was trading against the Indian rupee at Rs 59.56, the US currency was at 3.2130 in terms of the Malaysian ringgit and the greenback was available at 6.2097 versus the Chinese yuan.
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Open Bid Rs.99.50
Open Offer Rs.99.70
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Bid Rate Rs.98.32
Offer Rate Rs.98.35
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According to the currency dealers, the dollar was opened on a depressed note and remained under pressure due to lacking buyers' interest. At close, the dollar was declined to Rs 99.55 and Rs 99.80 on buying and selling side against Rs 99.60 and Rs 99.85 of Thursday, respectively.
On the contrary, the rupee failed to maintain upward slide and remained under pressure against the pound sterling. The pound's buying and selling rates were improved from overnight closing of Rs 166.70 and Rs 166.95 to Rs 168.00 and Rs 168.25, respectively, the dealers said.