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THE RUPEE: firm trend

23 Sep, 2018

No major changes were seen on the money market on Saturday as the rupee did not budge any side in relation to the dollar in process of trading, dealers said.
In the final US trade, sterling plunged on Friday, driving the US dollar up, after fears rose that Britain would leave the European Union without a trade deal.
British Prime Minister Theresa May said on Friday the European Union must supply an alternative Brexit proposal, saying talks had reached an impasse after the bloc's leaders had rejected her plans without fully explaining why. The pound was down 1.44 percent on Friday, set for its biggest daily loss since June 2017.
"Sterling bears are out in full force. They've pushed the pound quite aggressively down this morning," said Dean Popplewell, chief currency strategist at Oanda in Toronto, "and it looks like they want to push things further."



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Open Bid       Rs.125.20
Open Offer     Rs.125.50
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According to currency dealers, the dollar resumed trading on its last closing of Rs 125.30 and Rs 125.60 as its buying and selling rates, respectively. Following sluggish interest of buyers, the greenback did not observe change in its demand supply situation as it firmly held its opening trend till close of trading, they added.
However, the national currency showed improvement as it recovered its earlier losses versus the pound sterling. The pound's buying and selling rates slid from last Wednesday's closing of Rs 164.00 and Rs 165.00 to Rs 162.80 and Rs 164.20 respectively, they said.
The dollar opened at Rs 125.20 (buying) and Rs 125.30 (selling) against same last rate. It closed at Rs 125.20 (buying) and Rs 125.30 (selling).

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