THE RUPEE: sharp gains

29 Aug, 2017

Sharp recovery was seen in the value of the rupee against the dollar on Monday in process of trading, dealers said. The rupee sustained it's overnight levels against the dollar for buying and selling at Rs 105.38 and Rs 105.40, they said.
The euro was 0.1 percent higher at $1.1929 after rising to $1.1966, its highest since January 2015. The common currency had already surged about 1 percent on Friday after ECB President Mario Draghi spoke at the Jackson Hole conference on subjects such as global trade but did not touch upon the euro's recent strength.
The dollar was trading against the Indian rupee at Rs 63.90, the greenback was available versus the Malaysian ringgit at 4.265 and the US currency was trading at 6.643 in relation to the Chinese yuan.
The rupee also picked up 40 paisas versus the euro for buying and selling at Rs 125.20 an0 Rs 126.70, they said.



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Open Bid Rs.106.10
Open Offer Rs.106.40
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Bid Rate Rs.105.39
Offer Rate Rs.105.40
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According to currency dealers, the dollar continued to fluctuate both ways amidst divergent trend in the local currency market.
Consequently, it ended at Rs 105.65 and Rs 106.10 on buying and selling side, respectively, as compared to Saturday's closing rates of Rs 106.00 and Rs 106.05 respectively, they added.
However, the local currency showed strength as it registered appreciation against the pound sterling. The pound's buying and selling rates drifted from last closing trend of Rs 134.80 and Rs 137.20 to Rs 134.50 and Rs 135.50 respectively, they said.
The dollar opened at Rs 107.10 (buying) and Rs 107.20 (selling) against same last rate. It closed at Rs 107.10 (buying) and Rs 107.20 (selling) in evening session.

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