Written by Ayaz Ali Messam Tuesday, 01 June 2010 00:00
Demand from importers pushed rupee on back foot in the local currency exchange market. The greenback started off week’s trading at its overnight closing forex rate of Rs.85/10, rose significantly amid demand high and was changing hands at Rs.85/25 at close of markets. Overall, rupee lost 0/15 paisas versus the US dollar in the kerb dealings.
The cable continued to rise in the local currency exchange market today amid continuous increase in its demand. The British Pound set off new day’s trading at Rs.123/10, made recovery on the local desk and was changing hands at Rs. 124/00 at close of markets on Tuesday. Thus, rupee gave up 0/90 paisas versus the British currency.
Euro suffered heavy losses against the local currency in the open market dealings today. The single currency of Eurozone commenced day’s trading at Rs.104/60, lost hefty grounds amid decline in its demand and was changing hands at Rs.104/00 at close of markets. Thus, rupee recovered 0/60 paisas versus euro in the kerb dealings. In the international market, the euro erased most of a decline that took it to a four-year low against the dollar after a report showed U.S. manufacturing expanded for a 10th month in May, renewing optimism the global recovery will firm.
The Emirates currency scored another 0/05 paisas versus rupee amid continuous rise in its demand on the local desk. The UAE currency stated off trading at Rs.23/12, continued to gain grounds and was changing hands at Rs.23/17 at close of markets on Tuesday.