THE RUPEE: dollar moves both ways

Rates moved both ways on the currency market on Thursday in process of active trading, dealers said. On the interbank market the rupee gained three paisa against dollar for buying at 79.85 while it did not show any change for selling at 79.90, they said. In the fourth Asian session yen tumbled to a three-month low against dollar and a seven-week low against the Australian dollar, as bets against it mounted aided by concerns about Japan’s economic outlook.
Data showing portfolio flows out of Japan last week underscored the yen’s loss of favour as a safe-haven bid, with many now discussing how far it can fall as technical sell signals fuel negative yen sentiment.