Rupee gains against USD, closes at 276.91

Mettis Global reported that the rupee firmed slightly on Friday in interbank trading, finishing at Rs276.91 against the dollar. The local unit had closed the previous session at Rs276.92, so the gain amounted to 1.06 paisa. Within the day, the greenback traded between a bid of Rs277.00 and an ask of Rs276.90. Retail exchange firms in the open market priced the greenback at Rs277.20 to buy and Rs279.70 to sell.

Against other major currencies, the rupee weakened on Friday, with the pound, euro and Swiss franc all gaining ground against it. The sharpest loss was against the Swiss franc, where the rupee shed Rs1.65, or 0.49%, to close at Rs335.77. Against the pound and euro the rupee also gave ground, settling at Rs368.85 and Rs311.33 respectively. In contrast, the rupee strengthened by 0.17% against the Japanese yen, while slipping marginally against the Chinese yuan, Saudi riyal and UAE dirham.

Over the current fiscal year the rupee has gained Rs1.25, or 0.45%, against the dollar. Since the start of the calendar year, the gain has reached Rs3.21, or 1.16%. In the money market, six-month KIBOR bid and offer rates were unchanged at 12.18% and 12.43%. Both figures show the rupee holding firmer over longer periods than in a single session.