All kind of political and economic instability in the country provided the dollar an opportunity to hold the commanding position against the rupee on the currency market on Monday, money experts said. On the interbank market, the rupee crossed 98 mark and on the open market, the national currency hit a record low at 99 in the absence of any rescue measure by the government.
Prevailing situation on the currency market looking like that the sky is the limit, they said, adding that the dollar is still in an aggressive mood, may jump the new barrier of 100 very soon.
In the first Asian trade, the yen slumped to its lowest in over a year-and-a-half against the US dollar on Monday as part of a broad skid after Japan's conservative Liberal Democratic Party (LDP), which is committed to aggressive monetary easing, won a landslide victory. The LDP surged back to power in Sunday's election, giving ex-Prime Minister Shinzo Abe another chance to take the helm. The LDP and its ally - the New Komeito Party - secured the two thirds majority needed to overrule parliament's upper house, meaning the new government has a greater chance of pushing though its policies.
The dollar was trading against the Indian rupee at Rs 54.71. The greenback was available at 3.0555 in terms of the Malaysian ringgit, and the greenback was at 6.23822 in terms of the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Monday: 80.25-80.36 (previous 80.45-80.50). Call Money Rates: 10.00-10.00 percent (previous 7.05-12.00 percent).
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Open Buying Rs 99.00
Open Selling Rs.99.20
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Bid Rate Rs.98.14
Offer Rate Rs.98.18
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According to the currency dealers, the dollar resumed trading at its last week closing of Rs 98.80 and Rs 99.20 as its buying and selling rates, respectively.
The dollar witnessed no change in its buying rate that stayed unchanged at Rs 98.80, while its selling rate was moved up from Rs 99.20 to Rs 99.30.
The rupee remained under pressure and was depreciated against the pound sterling. The pound's buying and selling rates were improved from last Saturday closing of Rs 158.50 and Rs 159.00 to Rs 158.80 and Rs 159.80, respectively, the dealers said.
The dollar opened at Rs 99.50 for buying and Rs 99.60 for selling against last week's rate of Rs 98 for buying and Rs 98.10 for selling. It did not observe further change in the evening session and closed at Rs 99.50 for buying and Rs 99.60 for selling. Pound Sterling opened at Rs 158.50 for buying and Rs 158.60 and selling against same last rate. It did not observe further change in the second session and closed at Rs 158.50 (buying) and Rs 158.60 (selling).