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THE RUPEE: firm trend

27 May, 2018

Firmness prevailed on the money market as the rupee sustained overnight levels against the dollar in the process of trading activity, dealers said.
In the final US trade, the dollar rose against a basket of peers on Friday and was on pace to finish the week at its strongest since mid-November, as commodity-linked currencies fell following a slump in oil prices and as political concerns in Italy and Spain hurt the euro.
The dollar index, which measures the greenback against a basket of six currencies, was up 0.44 percent at 94.166, after hitting a high of 94.249, its strongest since mid-November. The index was up 0.6 percent for the week.
Oil prices fell about $2 on Friday as Saudi Arabia and Russia discussed easing supply curbs that have helped push crude prices to their highest since 2014.



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Open Bid       Rs.118.20
Open Offer     Rs.118.70
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According to currency dealers, the greenback commenced trading on its overnight closing of Rs 118.20 and Rs 118.70 as its buying and selling rates, respectively. At the close, the greenback could not sustain and lost 25 paisas for buying at Rs 118.45. However, it did not witness any change for selling as it firmly held its opening trend till close of trading, they added.
In addition, the local currency witnessed divergent trend in process of trading against the pound sterling. The British currency was bought and sold at Rs 157.25 and Rs 158.00 against Friday's closing rates of Rs 157.00 and Rs 158.50 respectively, they said.
The dollar opened at Rs 119 (buying) and Rs 119.10 (selling) against last rate of Rs118.50 (buying) and Rs 118.60 (selling). It closed at Rs 119 (buying) and Rs 119.10 (selling.

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