Firmness prevailed on the money market on Saturday as the rupee held the overnight levels against the dollar in the process of trading, dealer said. The rupee depicted no change in relation to the dollar for buying and selling at Rs 105.15 and Rs 105.35 respectively, they said. The rupee was also unchanged in terms of the euro for buying and selling at Rs 116.20 and Rs 117.20 respectively, they added.
US retail sales rose 0.6 percent in June, strongly outpacing the 0.1 percent rise expected by economists. It was the third straight month of gains and lifted sales 2.7 percent from a year ago. Dean Popplewell, chief currency strategist at Oanda in Toronto, said the data's surprise to the upside was a big positive for the dollar. "That's leading the market to consider re-pricing potential (interest rate) hikes again."
========================
Open Bid Rs 105.15
Open Offer Rs 105.35
========================
The dollar resumed trading at its overnight closing of Rs 105.30 and Rs 105.70 as its buying and selling rates, respectively. The dollar did not observe any change in its demand and supply situation that helped the local currency stability. As a result, the dollar's opening rates continued to prevail till close of trading, the currency dealers said.
On the contrary, the rupee recovered some of its earlier loss and appreciated against the British pound. The pound's buying and selling rate decline from the Friday's Rs 141.15 and Rs 142.50 to Rs 139.00 and Rs 141.80, respectively, they added.
The dollar opened at Rs 104.50 (buying) and Rs 105 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 104.50 (buying) and Rs 105 (selling).
Pound Sterling opened at Rs 137.50 (buying) and Rs 138 (selling). It did not observe further change in the second session and closed at Rs 137.50 (buying) and Rs 138 (selling) by the end of second session.