The rupee fell modestly against the dollar on the money market on Friday in the process of trading, dealers said. The rupee shed two paisa in relation to the dollar for buying and selling at Rs 102.78 and Rs 102.80, they said.
In the final Asian session, the dollar pared earlier losses and gained against the yen after Japan's welfare minister said reforms for the country's giant pension fund would continue as planned. The greenback also held near a four-year high against a basket of major currencies, and further gains looked likely for the US currency as it boasted its the biggest yield advantage over the euro in 15 years.
The dollar was trading against the Indian rupee at Rs 61.52, the greenback was at 3.2630 in terms of the Malaysian ringgit and the US currency was available at Rs 6.1343 versus the Chinese yuan.
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Open Bid Rs 102.50
Open Offer Rs 102.70
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Bid Rate Rs 102.78
Offer Rate Rs 102.80
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According to the currency dealers, the dollar was opened on a positive note and remained in demand during the day's trading. At close of trading, the dollar was ended higher at Rs 102.60 and Rs 102.85 as its buying and selling rates against Rs 102.55 and Rs 102.80 of Thursday, respectively, the dealers said.
Likewise, the rupee showed weakness and lost its worth against the pound sterling. The pound's buying and selling rates were improved from overnight closing of Rs 167.00 and Rs 167.25 to Rs 167.10 and Rs 167.35, respectively, they added.
The dollar opened at Rs 101 (buying) and Rs 101.10 (selling) against same overnight rate. It did not observe further change in the second session and closed at Rs 101 (buying) and Rs 101.10 (selling) against.
Pound Sterling opened at Rs 168 (buying) and Rs 168.10 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 168 (buying) and Rs 168.10 (selling).