Minor changes were seen in the value of the rupee versus the dollar on the money market on Thursday, dealers said. The rupee shed two-paisa in relation to the dollar for buying and selling at Rs 98.72 and Rs 98.74 respectively, they said.
The rupee, however, picked up 10-paisa against the euro for buying and selling at Rs 132.40 and Rs 132.65 respectively, they said. In the forth Asian trade the Indian rupee ended weaker on Thursday, retreating from a more than one-week high hit earlier in the session on the back of month-end dollar demand from importers and possible intervention by the central bank.
The rupee had initially gained on sustained foreign fund inflows into the stock and debt markets and after India on Wednesday allowed foreign institutional investors to hold more government debt while reducing the portion available to long-term investors. The dollar was trading against the Indian rupee at Rs 60.09, the greenback was at 3.1735 versus the Malaysian ringgit and the US currency was at 6.1949 in terms of the Chinese yuan.
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Open Bid Rs.98.80
Open Offer Rs.99.00
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Bid Rate Rs.98.72
Offer Rate Rs.98.74
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According to the currency dealers, the dollar was opened on a depressed note and remained under selling pressure. At close of trading, the dollar was ended at Rs 98.60 and Rs 98.85 on buying and selling side against Rs 98.75 and Rs 99.00 of Wednesday, respectively.
Similarly, the rupee appreciated its worth against the pound sterling that was traded at Rs 167.50 and Rs 167.75 on buying and selling counters compared with day earlier closing of Rs 167.75 and Rs 168.00, respectively, the dealers said.
The dollar opened at Rs 98.50 (buying) and Rs 98.60 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 98.50 (buying) and Rs 98.60 (selling). Pound Sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.