Rupee starts week on a negative note

Monday, 25 January 2010 16:04

The same trend was witnessed and the national currency failed to post any recovery at the start of new week’s trading. In fact, it lost another 10 paisa as greenback was changing hands at Rs. Rs. 85/60 for buying & Rs. 86.20 for selling respectively. In the interbank on the other hand, the dollar traded at Rs.84/56 for buying and Rs. 84/62 for selling.

Euro continued to gain while pound sterling lost grounds in today’s trading. Euro which ended at Rs. 120.90 for buying and Rs. 121.95 for selling was trading at Rs. 120.94 and Rs. 122.98 respectively. Pound sterling was changing hands at Rs. 136.34 for buying and Rs. 139.70 for selling as compared to its previous closing price of Rs. 137.00 & Rs. 138.30.

On the international desks, in weekend trading dollar fell to its lowest in five weeks, dropping as far as 89.85 yen JPY= before returning to 90.00. Support for the dollar is seen around 88.80/90 yen. The euro, which has been sold heavily this week on concerns about Greece's fiscal problems, later found buyers at its lows, with traders reporting leveraged accounts and Japanese life insurer buying euro/dollar and euro/yen respectively. It fell 0.1 percent on the day to 127.26 yen EURJPY=R and pulled up from a six-month low of $1.4029 EUR= set on trading platform EBS on Thursday to gain 0.4 percent to $1.4135.

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