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THE RUPEE: falling trend

03 Jul, 2012

The rupee drifted lower against the dollar on the currency market on Monday, dealers said. The rates in the interbank market not issued due to bank closing on the same day, they said.
In the first day of Asian trade, the euro dipped, giving up a bit of ground after its biggest one-day climb in eight months, as investors looked for fresh reasons to extend a rally sparked by initial euphoria over the latest European push to ease the region's debt crisis.
Markets cheered after euro zone leaders agreed on Friday to let their rescue fund inject aid directly into stricken banks from next year and intervene on bond markets to support troubled members. The EU leaders also took a step towards banking union by pledging to create a single banking supervisor.
Interbank buy/sell rates for the taka against the dollar on Monday. 81.81-81.83 (previous 81.80-81.83). Call Money Rates: 9.50-15.00 percent (previous 9.55-15.00 percent). Versus the dollar, the Indian rupee was trading at Rs 55.89, the dollar was at 3.167 in terms of Malaysian ringgit and the greenback of trading versus the Chinese yuan at 6.349.



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Open Buying     Rs 95.65
Open Selling    Rs.95.85
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The dollar traded at overnight levels at Rs 95.50 and Rs 96.00 for buying and selling, respectively, the dealers said. On the contrary, the rupee failed to maintain its position and was declined against the pound sterling. The pound's buying and selling rates were improved from Friday closing of Rs 148.00 and Rs 148.80 to Rs 148.50 and Rs 149.50, respectively, they added.
A number of city moneychangers observed July 2 as bank holiday in line with the banks and financial institutions. However, a few who continued their routine business quoted Rs 95.30 and Rs 96.00 for a dollar as its buying and selling rate against the last week closing of Rs 95.50 and Rs 96.00, respectively, the dealers said.
Similarly, rupee resumed trading on a positive sign and appreciated its worth against the pound sterling. The pound was purchased and sold at Rs 148.30 and Rs 149.00 as compared to last Friday closing of Rs 148.50 and Rs 149.50, respectively, they added.

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