The US dollar continued to move upwards against the rupee on Friday, hitting Rs160 in the interbank market for the first time since February.

The rupee depreciated by 70 paisa as the dollar was being quoted at Rs160/160.10 at 10:50am compared to yesterday's closing value of Rs159.30, with trades reported at 160.05.

According to Asad Rizvi, the chief executive officer of Currency Market Associates, big banks were buying US dollars.

More to follow.