Exchange Rates in INR

Foreign exchange reserves fell to $305.474 billion as on August 1, from $306.603 bilion a week earlier, RBI said in its weekly statistical supplement on Friday.

Rupee erased early losses to end almost unchanged on Friday, buoyed by heavy dollar selling by a large foreign bank and a firm stock market finish.

The rupee weakened on Friday as oil prices held close to $120 per barrel after rebounding from three-month lows in the previous session raising worries of higher trade deficit.

The rupee opened weaker on Friday as oil prices rebounded from three-month lows in the previous session, while traders awaited the stock market opening to gather cues on foreign fund flows.

Rupee may ease on Friday, tracking oil prices that bounced off three-month lows the previous day. Stocks will also be on the radar for cues on foreign capital flows.

The euro dropped to a five-month low against the dollar on Friday, extending a slide after cautious comments from European Central Bank Jean-Claude Trichet on the growth outlook suggested interest rates were set to stay on hold.

Concerns over rising inflation levels pushed down bond prices sharply on Thursday. Bond traders decided to stay away from taking positions in the market, ahead of bond sales scheduled for Friday.

he US dollar ruled steady against the rupee at Rs 42.07/08 per dollar but the pound sterling turned slightly lower at Rs 82.15/17 per pound at the Interbank Foreign Exchange (Forex) market here today.