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The national currency did not show any change versus US dollar in the open market today. The US currency kicked off new day’s trading at Rs.79/80, stood unchanged and ended the day at the same price at close of markets on Friday.
On the international desks, the yen rose against the dollar, headed for its biggest weekly gain in a decade, on speculation a global stock-market rout will prompt investors to pare holdings of higher-yielding assets funded with the Japanese currency.
The yen was on course for its largest weekly gain versus the euro as the Dow Jones Industrial Average and Nikkei 225 Stock Average both fell below 9,000 for the first time since 2003. Group of Seven finance ministers and central bankers meet today and tomorrow in Washington to discuss financial turmoil that has wiped more than $8 trillion off the value of global stocks this month and led to interest-rate cuts and bank bailouts in most of the member nations.
The yen rose to 98.91 per dollar at 12:44 p.m. in Tokyo from 99.82 late yesterday in New York, up 6.4 percent this week. It touched 97.92, the strongest since March 19. Japan's currency was at 134.26 versus the euro from 145.11 on Oct. 3, heading for the largest weekly gain since the single currency's creation in 1999. It reached 132.83, the strongest since July 2005. |