The rupee moved both ways on the currency market on Tuesday in process of trading, dealers said. Commenting on the demand and supply position of dollar in the money market, traders said persistent dollar demand from oil importers, the biggest buyers of the greenback in the local currency market, was the main reason, which is causing modest erosion in the value of the rupee.
The rupee also picked up 10 paisa in terms of euro for buying and selling at Rs 119.30 and 120.30, they added.
In the second Asian trade dollar hovered near a one-week low against a basket of currencies, but recent signs of improvement in the US economy and rising Treasury yields were likely to lend it some support. The Indian rupee fell for a second consecutive session on Tuesday as outlook on foreign capital flows into local stocks and debt turned cloudy after hopes of interest rates cuts faded.
The rupee ended at 50.39/40 to dollar, down from Monday's close of 50.23/24, after moving in a 50.1850 to 50.4250 range during the session.
Interbank buy/sell rates for taka against dollar: 81.74-81.80 (previous 81.76-81.80). Call Money Rates: 11.00-12.00 percent (previous 07.00-12.50 percent).
The yuan ended little changed versus dollar, as strong demand for the US currency from large companies offset a stronger midpoint set by the People's Bank of China in its daily fixing. Spot yuan ended at 6.3241 against dollar, almost flat from Monday's close of 6.3233. Before trading began on Monday, the PBOC set the yuan's midpoint at 6.3029, up slightly from 6.3082 previously.
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Open Buying Rs 90.90
Open Selling Rs 91.10
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Buying Rs 90.74
Selling Rs 90.76
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According to the currency dealers, the dollar remained under pressure and could not sustain in the absence of buying support. The dollar was ended at Rs 90.80 and Rs 91.10 as its buying and selling rates as compared to last day closing of Rs 91.05 and Rs 91.30, respectively.
Similarly, the rupee gained strength and was improved on buying side while it remained unchanged on selling side against the pound sterling. The pound was purchased and sold at Rs 143.00 and Rs 143.80 as compared to overnight closing of Rs 143.35 and Rs 143.80, respectively, the dealers added.
The dollar opened at Rs 91 (buying) and Rs 91.20 (selling) against same previous rate. It did not observe any further change in the second session and closed at Rs 91 (buying) and Rs 91.20 (selling).
Pound Sterling opened at Rs 142 (buying) and Rs 142.50 (selling) against same previous rate. It did not observe further change in the evening session and closed at Rs 142 (buying) and Rs 142.50 (selling).