The rupee managed to hold present levels against the dollar on the money market on Wednesday in the process of trading, dealers said. The rupee picked up 12 paisas versus the dollar for buying and selling at Rs 104.67 and Rs 104.70 respectively, they said.
In the third Asian trade, the yen gained against key peers like the dollar and euro as sagging stocks and crude oil drove bids for the safe-haven currency. Undercutting upward momentum for equities, oil prices retraced earlier gains made at the week's start and tumbled after Saudi Arabia ruled out production cuts.
The euro lost 0.2 percent to 123.215 yen, within reach of a near three-year low of 123.09 hit on Tuesday. The dollar slipped to an 11-day low of 111.75 yen and last fetched 111.955. The dollar was expected to have an edge over the yen at the start of the year, when the Federal Reserve was seen embarking on a series of interest rate hikes.
But recent global market volatility involving sharp downturns in equities and commodities has tempered US rate hike expectations, enhancing the appeal of the safe-haven yen. The dollar was trading against the Indian rupee at Rs 68.57, the greenback was at 4.2300 in terms of the Malaysian ringgit and the greenback was at 6.5323 versus the Chinese yuan.
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Open Bid Rs.106.00
Open Offer Rs.106.20
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Bid Rate Rs.104.67
Offer Rate Rs.104.70
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The dollar came under pressure, ending at Rs 106.10 and Rs 106.60 on buying and selling as compared with the overnight closing of Rs 106.30 and Rs 106.60.
The rupee went up against the pound sterling that was traded at Rs 147.50 and Rs 150.00 on buying and selling as compared with the Tuesday closing of Rs 150.00 and Rs 152.00.
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).