THE RUPEE: mixed patterns

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THE RUPEE: mixed patterns

28 Oct, 2016

The rupee moved both ways against the dollar on the money market on Thursday, dealers said. The rupee was down by five paisas versus the dollar for buying and selling at Rs 104.82 and Rs 104.84 respectively, they said.
In the fourth Asian trade, most emerging Asian currencies fell on Thursday as China's yuan hit a six-year low in offshore markets, with the dollar just shy of this week's nine-month peak amid solid expectations of a US interest rate hike in December.
The offshore renminbi touched 6.7921 per dollar, its weakest since October 2010, while spot yuan in the onshore market eased after the People's Bank of China set its daily guidance rate weaker than the previous session. The dollar was trading against the Indian rupee at Rs 66.89, the greenback was available at 4.1830 versus the Malaysian ringgit and US currency was at 6.7775 versus the Chinese yuan.


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Bid Rate       Rs.105.80
Offer Rate     Rs.106.00
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Bid Rate       Rs.104.82
Offer Rate     Rs.104.84
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The trading activity of the US dollar resumed against its overnight closing of Rs 106.00 and Rs 106.25 as its buying and selling rates, respectively. In the absence of buyers' interest, the dollar ended at Rs 105.90 on buying counter. However, it further climbed up to Rs 106.20 on selling counter, local currency dealers said.
Moreover, the rupee failed to hold its strength and depreciated by 10-paisa versus the pound sterling. The pound's buying and selling rates went up from the Wednesday's closing of Rs 128.70 and Rs 129.40 to Rs 128.80 and Rs 129.50, respectively, they added.
The dollar opened at Rs 105 (buying) and Rs 105.10 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 105 (buying) and Rs 105.10 (selling).
Pound Sterling opened at Rs 132 (buying) and Rs 133 (selling). It did not observe further change in the second session and closed at Rs 132 (buying) and Rs 133 (selling).

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