No major changes were seen on the money market on Saturday as the rupee managed to hold overnight levels against the dollar in process of trading, dealers said. The rupee was unchanged in relation to the dollar for buying and selling at Rs 106.50 and Rs 106.70 respectively; however, it picked up 25 paisas versus the euro for buying and selling at Rs 113.75 and Rs 115.25 respectively, they said.
"At the moment, the dollar remains in correction mode, which we had fully expected," said Fawad Razaqzada, market analyst, Forex.com in London. "But we remain fundamentally bullish on the greenback because the Fed remains the only major central bank which is actively tightening its policy."
James Chen, head of research at Forex.com in Bedminster, New Jersey, also pointed out that the pace of Fed rate hikes and policy outlooks can change extremely quickly. He noted that only a few weeks before Wednesday's Fed announcement, expectations for a March hike were exceptionally low. But Fed officials made a concerted effort to warn the markets of the high likelihood of a Fed rate hike and expectations then soared to a near-certainty, Chen said.

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Open Bid      Rs.106.50
Open Offer    Rs.106.70
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