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THE RUPEE: steadier trend

14 May, 2017

Firmness prevailed on the money market on Saturday as the rupee held its overnight levels in process of trading, dealers said. The rupee did not move any side against the dollar for buying and selling at Rs 105.80 and Rs 106.00 respectively, they said. The rupee lost 55 paisas versus the euro for buying and selling at Rs 114.70 and Rs 116.20, they said.
The US core consumer price index (CPI) increased 1.9 percent year-on-year in April, the smallest gain since October 2015. Economists polled by Reuters expected the inflation measure to remain at 2 percent. Federal funds futures implied traders saw about a 49 percent chance the Fed would increase rates twice by the end of 2017 shortly after the data, compared with 54 percent just before the release of the latest readings on US store sales and the consumer price index, CME Group's FedWatch program showed.



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Open Bid      Rs 105.80
Open Offer    Rs.106.00
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According to currency dealers, the US dollar resumed trading on a positive note following fresh buyers' interest in the market.
As a result, it rose to Rs 105.90 and Rs 106.10 on buying and selling sides, respectively, as compared to the overnight closing rates of Rs 105.80 and Rs 106.00 respectively, they added.
Moreover, the local currency lost its worth on buying side while it stayed unchanged on selling side versus the pound sterling.
The British currency was bought and sold at Rs 135.70 and Rs 136.50 against Friday's closing rates of Rs 135.40 and Rs 136.50, respectively, they said.
The dollar opened at Rs 105.90 (buying) and Rs 106 (selling). It closed at the same.
Pound Sterling opened at Rs 135 (buying) and Rs 135.50 (selling). It closed at the same rate.

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