An easier trend persisted on the local currency market on Monday, dealers said. The rupee moved in a narrow range in relation to the greenback for buying and selling at Rs 104.83 and Rs 104.84 respectively, they said.
China's yuan advanced as state-owned banks were seen selling the dollar in the onshore currency market, traders said. That came after a central bank vice governor said on Sunday that current conditions point to a stabilisation of the renminbi after its recent volatility. The dollar was trading against the Indian rupee at 68.61, the greenback was available at 4.4570 in terms of the Malaysian ringgit and the US currency was at 6.9018 versus the Chinese yuan.
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Open Bid Rs.107.40
Open Offer Rs.107.60
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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 resumed on a positive note due to buyers' interest in the market. At close of trading, the dollar further ended higher at Rs 107.60 and Rs 107.90 on buying and selling sides, respectively, as compared to its Saturday's closing rates of Rs 107.30 and Rs 107.75, they added.
Versus the pound sterling, the local currency also followed the same suit. The pound's buying and selling rates further improved from its day earlier closing rates of Rs 133.60 and Rs 134.60 to Rs 134.10 and Rs 134.90, respectively, the dealers said.
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).