An easy trend was witnessed on the currency market amid shortened week, ended on October 25, due to Eid-ul-Azha holidays. The rupee lost 41-paisa against the dollar for buying at 95.80 and it dropped by 40-paisa for selling at 95.82.
INTERBANK MARKET RATES OPEN MARKET RATES: The rupee, in sympathy with the interbank track, drifted lower versus the dollar, losing 40-paisa for buying and selling at 85.60 and 85.80, while, it, did not show any change in relation to the euro for buying and selling Rs 123.30 and Rs 124.30. In fact, some currency analysts said the rupee which maintained firm trend in terms of the dollar during the last several sessions tumbled as a result of forward buying of dollars.
During the last week, at a time it appeared that the rupee to cross 96-level owing to rise in dollars' purchasing by importers and other genuine buyers, they said. A kind of weaknesses in economic fundamentals and rising uncertainties caused decline in the national currency last week, some experts said. In the meantime, they hope, the rupee may manage to halt sharp erosion in its value versus the dollar.
INTER-BANK MARKET RATES: On Monday, the rupee shed six-paisa in relation to the dollar for buying and selling at 95.39 and 95.42. On Tuesday, the rupee extended its overnight slide versus the dollar, losing eight-paisa for buying and selling at 95.47 and 95.50, they said.
On Wednesday, the rupee continued fall versus the dollar, shedding 23-paisa for buying at 95.70 and it also fell by 25-paisa for selling at 95.75. On Thursday, the rupee continued its fall in terms of the dollar, shedding 10-paisa for buying at 95.80 and it fell by 13 paisa for selling at 95.82.
OPEN MARKET RATES: On October 22, the rupee, however, gained 10-paisa versus the dollar for buying and selling at 95.20 and 95.40. The rupee followed the suit against the euro, picking up 20 paisa for buying and selling at Rs 123.30 and Rs 124.30.
On October 23, the rupee held the overnight levels versus the dollar for buying and selling at 95.20 and 95.40. While, the rupee picked up 30-paisa against the euro for buying and selling at Rs 123.00 and Rs 124.00. On October 24, the rupee shed 20-paisa for buying and selling at 95.40 and 95.60. The rupee, however, extended its appreciation in terms of the euro, picking up 20 pisa for buying and selling at Rs 122.80 and Rs 123.80.
On October 25, the rupee did the same in relation to the dollar for buying and selling at 95.60 and 95.80. The rupee also lost 50-paisa in terms of the euro for buying and selling at Rs 123.30 and Rs 124.30.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, euro crept up after Spain's prime minister won a boost for his austerity drive with a regional election victory while yen slid to a two-month low against the dollar on expectations of more stimulus from the Bank of Japan.
The Canadian dollar made a rare big retreat in Asia trade to hit a two-month low on expectations that the central bank may drop its hawkish tone following tame inflation data.
Inter bank buy/sell rates for the taka against the dollar on Monday: 81.20-81.22 (previous 81.22-81.23). Call Money Rates: 06.25-10.00 percent (previous 06.25-10.50 percent). The dollar was trading against the Indian rupee at Rs 53.66, versus the Malaysian ringgit, the US currency was at 3.0500 and the greenback was 6.253 in relation to the Chinese yuan.
In the second Asian trade, the yen hit a three-month low against the dollar and a five-month trough versus the euro, pressured by expectations that the Bank of Japan will further loosen monetary conditions to help the export-reliant economy face a global slowdown.
Earlier, the dollar rose to as high as 80.02 yen on trading platform EBS, its highest level since early July. The greenback later trimmed its gains and last stood at 79.95 yen, steady from late US trade on Monday.
The dollar was trading against the Indian rupee at Rs 53.58. The greenback was available at 3.0500 in terms of the Malaysian ringgit and the US currency at 6.2479 in terms of yuan.
Inter bank buy/sell rates for the taka against the dollar on Tuesday: 81.20-81.22 (previous 81.20-81.22). Call Money Rates: 10.00-10.00 percent (previous 06.25-10.50 percent).
In the third Asian trade, the dollar hovered near a three-month high versus the yen, supported by hopes for more Bank of Japan monetary easing, while the Australian dollar rose as traders trimmed back bets for its central bank to cut interest rates next month.
The US dollar eased 0.1 percent from late US trade on Tuesday to 79.81 yen, but still near the previous day's high of 80.02 yen, its peak since early July.
The dollar was trading against the Indian rupee at Rs 53.73, the greenback was at 3.0560 in terms of the Malaysian ringgit and the US currency was at 6.2489 in relation to the Chinese yuan.
In the fourth Asian session, the dollar hit a four-month high versus the yen as expectations for more Bank of Japan monetary easing kept the yen under pressure. The dollar rose to as high as 80.14 yen on trading platform EBS, its highest level since late June, and last stood at 80.09 yen, up 0.3 percent from late US trade on Wednesday.
The greenback gained a lift versus the yen due to dollar buying by hedge funds, said a trader for a European bank in Tokyo. The dollar was trading against the Indian rupee at Rs 53.73, the greenback at 3.0455 versus the Malaysian ringgit and the US currency was at 6.242 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday: 81.20-81.22 (previous 81.20-81.22) Call Money Rates: 10.00-10.00 percent (previous 06.00-10.00 percent).
In the final session, the yen steadied in Asian trading after hitting a four-month low against the dollar early Friday, but it was still on track for a second week of losses as markets geared up for the Bank of Japan to ease policy next week.
The dollar was down about 0.4 percent at 79.99 yen after rising as high as 80.38 yen early in the session. A break of its June peak of 80.63 yen would take it back to highs unseen since April 27. The greenback was still headed for weekly gains, adding to last week's rise of 1.1 percent. The dollar was trading against the Indian rupee at Rs 53.55 and the greenback was available versus the Malaysian ringgit at 3.0380.
It is also expected that the recovery in the foreign exchange reserves may help the rupee to recover its lost ground in relation to the dollar, currently, the reserves showed an improvement of 70.5 millions dollar to 14.39 billion dollars.
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