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THE RUPEE: Steadier Trend

Steadier trend was witnessed on the money market on Thursday in process of rising demand for the greenback, dealers said. Positive developments on the political front, giving a boost to the national currency and probably the rupee may not fluctuate versus the dollar in the coming days.

INTERBANK MARKET RATES: The rupee picked up three paisa against the dollar for buying at 98.46 and it also picked up five paisa for selling at 98.48, they said.

OPEN MARKET RATES: While, the rupee managed to hold overnight levels for buying and for selling at Rs 99.75 and Rs 99.95, they said. The national currency appreciated by 60 paisa in terms of the euro for buying and selling at Rs 128.00 and Rs 128.25, they said.

In the fourth Asian trade, the yen gained across the board, bouncing sharply off a 4-1/2-year low against the dollar and notching up a two-week high against the euro after a whiplash move in stocks prompted investors to scramble for safety in Japanese bonds.

The yen was squeezed 1.5 percent up to 101.62 yen after investors took weak Chinese factory data as an excuse to topple the Nikkei from a 5-1/2-year high, sending it plummeting 7.3 percent and prompting a rush for Japanese debt. The dollar was trading against the Indian rupee at Rs 55.46, the greenback was at 3.0325 in relation to the Malaysian ringgit and the US currency was at 6.1352 in terms of the Chinese yuan.

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