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THE RUPEE: mixed trend

12 Aug, 2018

The rupee showed mixed trend against the dollar on the money market on Saturday in the process of trading, dealers said.
In the final US trade, the euro sank to its lowest against the greenback in more than a year on Friday as a plunging Turkish lira sparked broad risk aversion, with investors worried about contagion to European banks.
Turkey's lira plummeted as much as 18 percent on Friday as worries about President Tayyip Erdogan's influence over monetary policy and worsening US relations snowballed into a market panic.
The euro was hurt after the Financial Times reported that the European Central Bank had concerns about banks in Spain, Italy and France and their exposure to Turkey's woes.
The euro dropped below technical support at $1.15 to $1.1414, down 0.97 percent on the day and the lowest since July 2017. Against the yen, the euro slid 1.35 percent to 126.30 yen, a more than two-month low.



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Open Bid       Rs.121.50
Open Offer     Rs.122.50
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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 120.55 and Rs 122.30 as compared to the overnight closing rates of Rs 120.70 and Rs 121.95 respectively, local currency dealers said.
However, the national currency failed to hold its strength in process of trading against the pound sterling. The pound's buying and selling rates further rose from Friday's closing of Rs 151.00 and Rs 152.90 to Rs 151.60 and Rs 153.90 respectively, they added.
The dollar opened at Rs 120.50 (buying) and Rs 120.60 (selling) against last rate of Rs 121.50 (buying) and Rs 121.60 (selling). It closed at Rs 120.50 (buying) and Rs 120.60 (selling).

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