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THE RUPEE: no major change

29 Oct, 2016

The rupee managed to hold overnight levels against the dollar on the money market on Friday in the process of trading, dealers said. The rupee was almost unchanged versus the dollar for buying and selling at Rs 104.83 and Rs 104.84 respectively, they said.
In the final Asian trade, the dollar traded near a three-month high versus the yen, on track for monthly gains against most rivals as investors waited for US third quarter growth data later in the day. Positive growth numbers would reinforce expectations that the US Federal Reserve is gearing up to hike interest rates.
A disappointing result, however, could trigger a fall in the dollar, a scenario that played out in late July when US second-quarter GDP data came in weak. The dollar eased 0.1 percent to 105.16 yen, holding near Thursday's high of 105.35 yen, which was the greenback's strongest level since late July. The dollar was trading against the Indian rupee at Rs 66.87, the greenback was at 4.1945 versus the Malaysian Ringgit and US currency was available at 6.7791 in terms of the Chinese yuan.



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Open Bid Rs.105.80
Open Offer Rs.106.00
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Bid Rate Rs.104.83
Offer Rate Rs.104.84
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According to currency dealers, the trading of the US dollar commenced against its Thursday's closing of Rs 105.90 and Rs 106.20 as its buying and selling rates, respectively. Due to the short supply, the US dollar climbed up at Rs 106.00 on buying counter. However, it did not observe any change in its selling rate that continued to prevail till close of trading at Rs 106.20.
Versus the pound sterling, the rupee recovered its day earlier losses. The pound's buying and selling rates drifted down from the overnight closing of Rs 128.80 and Rs 129.50 to Rs 128.40 and Rs 129.00, respectively, the dealers 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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