Firmness prevailed on the money market on Friday as the rupee showed slight improvement against the dollar in the process of trading, dealers said. The rupee sustained overnight levels in relation to the dollar for buying and selling at Rs 104.85 and Rs 104.86, they said.
The greenback inched 0.1 percent higher to 112.73 yen but was just off a two-week low of 112.55 plumbed overnight and down 0.3 percent for the week. The dollar failed to shrug off pressure from the Fed minutes released on Wednesday, which were more dovish than some market participants had expected. Mnuchin told CNBC that he wanted to see tax reform passed before Congress' August recess, a timeline that fit many investors' expectations but disappointed those hoping for more rapid reform.
The euro was off this week's lows but remained pressured by fears about anti-European Union rhetoric from French presidential candidate Marine Le Pen ahead of the first round of French elections on April 23, with the second round to come in May. The dollar was trading against the Indian rupee at Rs 66.83, the greenback was at 4.4440 in terms of the Malaysian ringgit and the US currency was at 6.8704 in relation to the Chinese yuan.
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Open Bid Rs.107.00
Open Offer Rs.107.20
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Bid Rate Rs.104.85
Offer Rate Rs.104.86
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According to currency dealers, the trading of the US dollar commenced on its overnight closing of Rs 107.30 and Rs 107.50 as its buying and selling rates, respectively. Following lack of buyers' interest in the market, it slid to Rs 107.15 on buying counter.
However, it did not witness any change in its value as it sustained its overnight trend of Rs 107.50 on selling counter, respectively, they added.
Moreover, the local currency failed to maintain upward trend as it registered reduction versus the pound sterling. The pound's buying and selling rates rose from the Thursday's closing rates of Rs 132.90 and Rs 133.60 to Rs 133.50 and Rs 134.30, respectively, the dealers said.
The dollar opened at Rs 108.10 (buying) and Rs 108.20 (selling) and it closed at the same rate.
Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.