The rupee moved both ways against the dollar on the money market on Friday in the process of trading, dealers said. The dollar recovered more solid gains on the money market, however, it shed modestly on the interbank market, money experts said.
INTERBANK MARKET RATES: The rupee rose by 20-paisa in relation to the dollar for buying and selling at Rs 98.40 and Rs 98.50, they said.
OPEN MARKET RATES: The national currency, however, dropped sharply by Rupee one against the dollar for buying at Rs 100.20, while it fell by 80-paisa for selling at Rs 100.50, they said. The rupee also lost 90-paisa versus the euro for buying and selling at Rs 139.65 and Rs 139.95, they said.
In the final Asian session, the safe-haven currencies like the Swiss franc and the yen were in demand, having surged overnight as tensions in Ukraine flared up and worries about the health of the Chinese economy continued to fester. Russia launched new military exercises near its border with Ukraine on Thursday, showing no sign of backing down on plans to annex its neighbour’s Crimea region. The dollar was trading against the Indian rupee at Rs 61.17, the national currency was at 3.2775 against the Malaysian ringgit and the Chinese yuan was available at 6.1423.