The rupee maintained upward trend against the dollar on the money market on Friday in the process of trading, dealers said. The rupee picked up five paisas in relation to the US currency for buying at Rs 123.90 and it also rose by eight paisas for selling at Rs 123.92 respectively, they added.
In the final Asian trade, the dollar rose to a 13-month high against a basket of currencies on Friday and the yen also made big strides, with investor appetite for risk dropping amid escalating global trade tensions and diplomatic wrangling.
The euro fell to its weakest since July 2017, while the pound dropped to its lowest in a year amid speculation Britain will leave the European Union without an agreement regarding its future relationship with Brussels.
The dollar index, which measures the greenback's strength against a group of six major currencies, climbed more than 0.6 percent to 96.103, its highest since July 2017.
The greenback has been boosted by growing global trade tensions and strained geopolitical relationships, with the United States this week saying it would impose fresh sanctions on Moscow. Washington is also embroiled in a diplomatic feud with Turkey.
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Open Bid Rs.121.30
Open Offer Rs.122.50
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Bid Rate Rs.123.90
Offer Rate Rs.123.92
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Following fluctuating buyers' interest in the market, the greenback continued to move both ways and ended for buying and selling at Rs 120.70 and Rs 121.95 as compared to the overnight closing trend of Rs 120.20 and Rs 122.00 respectively, local currency dealers said.
Furthermore, the local currency maintained upward trend for the fourth second consecutive day versus the pound sterling. The pound's buying and selling rates further slid from Thursday's closing of Rs 152.00 and Rs 153.50 to Rs 151.00 and Rs 152.90 respectively, they added.
The dollar opened at Rs 121.50 (buying) and Rs 121.60 (selling) against last rate of Rs 122.50 (buying) and Rs 122.60 (selling). It closed at Rs 121.50 (buying) and Rs 121.60 (selling).