THE RUPEE: further gains

07 Feb, 2016

The rupee maintained an upward trend against the dollar on the money market on Saturday in the process of trading, dealers said. The rupee picked up 30 paisas versus the dollar for buying and selling at Rs 105.90 and Rs 106.10, respectively. The rupee also gained 80 paisas against the euro for buying and selling at Rs 116.70 and Rs 117.70, they added.
Average hourly earnings increased 12 cents, or 0.5 percent, last month, leaving the year-on-year gain in earnings at 2.5 percent, US Labour Department data showed. The wage data was enough to drive the dollar higher even though non-farm payrolls increased by just 151,000 jobs last month, below the 190,000 that economists in a Reuters poll had expected. The dollar had plummeted in the past two sessions on the view that weak domestic economic data and worries over the global economy could prevent the Fed from hiking rates this year. Comments perceived as dovish from New York Fed president William Dudley to MNI on Wednesday had also hurt the dollar.



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Open Bid Rs 105.90
Open Offer Rs.106.10
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According to the currency dealers, the dollar resumed trading on a negative note and remained under pressure due to lacking buyers' interest. At close, the dollar ended lower at Rs 105.60 and Rs 106.00 as its buying and selling rate against Rs 106.60 and Rs 106.85 of Thursday, respectively.
Similarly, the rupee also showed strength and registered gain against the pound sterling that was purchased and sold at Rs 151.50 and Rs 152.50 as compared to previous closing of Rs 153.75 and Rs 154.45, respectively, the dealers added.
The dollar opened at Rs 106 (buying) and Rs 106.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 106 (buying) and Rs 106.20 (selling). Pound sterling opened at Rs 158 (buying) and Rs 158.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 158.50 (selling).

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