THE RUPEE: slight gains

25 Mar, 2018

The rupee managed to gain modestly versus the greenback on the money market on Saturday in the process of trading, experts said. The rupee posted modest gain of 10 paisas in relation to the dollar for buying and selling at Rs 114.20 and Rs 115.20 respectively, they said. The rupee also picked up 35 paisas for buying and selling at Rs 139.25 and Rs 141.25 respectively, they added.
The dollar index, which measures the greenback against a basket of six other major currencies, was down 0.48 percent at 89.427. For the week, the index was down 0.9 percent.
China urged the United States on Friday to "pull back from the brink" as President Donald Trump's plans for tariffs on up to $60 billion in Chinese goods moved the world's two largest economies closer to a trade war.
Expectations about shifting policy at global central banks were also injecting an element of uncertainty into currency markets, Tomes said.
Trump's decision on Thursday to replace HR McMaster as national security adviser with John Bolton, a hawk who has advocated using military force against North Korea and Iran, could also be weighing on sentiment on the margins, Tomes said.



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Open Bid Rs.114.20
Open Offer Rs.115.20
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According to currency dealers, the short supply phenomenon of the greenback prevailed throughout the trading session which helped its further appreciation for buying and selling at Rs 114.20 and Rs 115.20 as compared to the overnight closing trend of Rs 114.00 and Rs 115.00 respectively.
Likewise, the national currency also followed the same suit in terms of trading against the pound sterling. Consequently, the pound's buying and selling rates rose from last closing trend of Rs 158.70 and Rs 159.60 to Rs 158.80 and Rs 160.00 respectively, they added.
The dollar opened at Rs 115 (buying) and Rs 115.20 (selling) against same last rate. It closed at Rs 115 (buying) and Rs 115.20 (selling).

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