Gradual increase was seen in the value of the rupee against the dollar on local money market on Friday amid easy supply of the greenback, dealers said.
Commenting on the recovery of the rupee, some experts said there are rising expectations that by the end of the year, the foreign exchange reserves may cross 18 billion dollars; a clear-cut indication of an increase in supply of dollars.
In the final Asian trade, the dollar held steady versus the yen on Friday but was on track for a second weekly loss after the US Federal Reserve's dovish comments last week prompted traders to scale back bullish bets on the greenback.
The dollar last traded at 119.17 yen, little changed on the day. The dollar is down about 0.7 percent versus the yen for the week after falling 1.1 percent last week, when the Fed signalled a more cautious outlook for US economic growth.
The dollar was available against the Indian rupee at Rs 62.60, the greenback was at 3.6670 in terms of the Malaysian ringgit and the US currency was at 6.2134 versus the Chinese yuan.
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Open Bid Rs 102.10
Open Offer Rs 102.30
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Bid Rate Rs 101.88
Offer Rate Rs 101.90
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Currency dealers said the dollar resumed trading at its overnight closing of Rs 102.30 and Rs 102.55 as its buying and selling rate, respectively. Because of lacking buyers' interest, the dollar failed to sustain and further declined to Rs 102.25 and Rs 102.50 on buying and selling side, respectively.
The rupee showed stability on buying side and remained unchanged on buying side while improved on the selling side in relation to the pound sterling, which was purchased and sold at Rs 151.60 and Rs 151.85 compared with the Thursday closing of Rs 151.60 and Rs 152.40, respectively.
The dollar opened at Rs 101.75 (buying) and Rs 101.85 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 101.75 (buying) and Rs 101.85 (selling).
Pound Sterling opened at Rs 155 (buying) and Rs 155.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 155 (buying) and Rs 155.50 (selling).