Steep decline was seen in the open market dealings on Thursday as demand was up for forward-dollar buying, dealers said. The rupee maintained its overnight level versus dollar for buying and selling at 87.45 and 87.50, they said.
Still, any zeal to sell the common currency is, at least for now, being countered by expectations that US Federal Reserve Chairman Ben Bernanke might drop clearer hints on the likelihood of more stimulus later this month. The market's immediate focus is on the European Central Bank, which is expected to signal a change in policy direction by halting an interest-rate rise cycle as the euro zone debt crisis weighs on the region's economy.
China's yuan closed up against dollar in the wake of a stronger mid-point on Thursday, and was underpinned by expectations of further gains, especially after Nigeria said the yuan would be a part of its foreign exchange reserves. The dollar was available at Rs 46.16 versus the Indian rupee and the greenback was at 2.9860 in relation to the Malaysian ringgit.
Inter bank buy/sell rates for taka against dollar on Thursday: 74.10/74.20 (previous 74.00/74.15) Call Money Rates: 6.60-12.00 percent (previous 7.00-19.00 percent).
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Open Buying Rs 87.40
Open Selling Rs.87.60
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Buying Rs.87.45
Selling Rs.87.50
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Repo Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 13.40 13.40 13.40 13.40 13.40
1-Week 13.20 13.35 13.30 13.40 13.31
2-Week 13.10 13.25 13.30 13.35 13.25
1-Month 13.00 13.25 13.25 13.30 13.20
2-Months 13.00 13.15 13.20 13.30 13.16
3-Months 13.00 13.15 13.25 13.30 13.18
4-Months 13.00 13.20 13.25 13.30 13.19
5-Months 13.00 13.20 13.25 13.30 13.19
6-Months 13.05 13.20 13.25 13.30 13.20
9-Months 13.15 13.25 13.35 13.40 13.29
1-Year 13.20 13.30 13.35 13.40 13.31
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Call Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 13.40 13.40 13.40 13.45 13.41
1-Week 13.20 13.35 13.35 13.40 13.33
2-Week 13.15 13.30 13.25 13.35 13.26
1-Month 13.05 13.25 13.25 13.35 13.23
2-Months 13.05 13.20 13.30 13.35 13.23
3-Months 13.05 13.20 13.30 13.35 13.23
4-Months 13.10 13.20 13.30 13.35 13.24
5-Months 13.10 13.20 13.30 13.40 13.25
6-Months 13.10 13.20 13.30 13.40 13.25
9-Months 13.15 13.25 13.40 13.40 13.30
1-Year 13.20 13.30 13.40 13.45 13.34
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According to the currency dealers, the dollar resumed trading at its previous levels of Rs 87.15 and Rs 87.30 as its buying and selling rates, respectively. There was panic on selling side, as majority of dealers refused to offload their holdings while asking for more and more dollar throughout the day. In the presence of depressing rupee trend, the dollar appreciated to Rs 87.40 and Rs 87.70 on buying and selling sides, respectively.
Likewise, the pound sterling rupee strengthened its position against Pak rupee. The pound was purchased and sold at Rs 140.30 and Rs 140.80 as compared to previous closing of Rs 140.20 and Rs 141.00, respectively, the dealers added.
The dollar opened at Rs 87.05 (buying) and Rs 87.15 (selling) against last week's rate. It did not observe further change in the second session and closed at Rs 87.05 (buying) and Rs 87.15 (selling).
Pound Sterling opened at Rs 138.40 (buying) and Rs 138.55 (selling) against same overnight value. British currency did not observe further change in the evening session and closed at Rs 138.40 (buying) and Rs 138.55 (selling).