The dollar recovered modestly against the rupee on the currency market on Tuesday in process of trading, dealers said. In fact, the dollar demand is rising with the passage of time as a result of massive forward buying by importers, they added.
In the second Asian trade, the dollar and euro slipped against a resurgent yen on Tuesday after US manufacturing activity hit a three-year low in November, while the Australian dollar held its gains after the Reserve Bank of Australia cut its cash rate in line with expectations. Data released on Monday by the Institute for Supply Management (ISM) showed US manufacturing activity surprisingly contracted in November, dropping to its lowest level in more than three years.
The dollar was trading against the Indian rupee at Rs 54.94 and the greenback was travelling versus the Malaysian ringgit at 3.0410. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 81.2000-81.3150 (previous 81.28-81.35). Call Money Rates: 07.75-08.00 percent (previous 06.00-08.50 percent).
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Open Buying Rs 97.25
Open Selling Rs 97.45
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Bid Rate Rs.96.60
Offer Rate Rs.96.63
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According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 97.30 and Rs 97.60 as its buying and selling rates, respectively. In the absence of buying support, the dollar was declined to Rs 97.20 and Rs 97.50 on buying and selling counters, respectively. On the contrary, the rupee continued downward move and was declined against the British pound. The pound's buying and selling rates were improved from the Monday closing of Rs 154.00 and Rs 154.60 to Rs 154.50 and Rs 155.00, respectively, the dealers said.