Hide-and-seek game started on the currency market on Tuesday as the State Bank of Pakistan (SBP) intervened with objective move to rescue the rupee, which was in the way to hit new record low after crossing 100 Mark versus the dollar, money experts said.
After rupee's sharp fall against the dollar, the central bank held a comprehensive discussion with the leading money changers, who assured to bring the dollar's value down versus the rupee. It was anticipated by the market-men that rebound of the dollar and last week's policy rate cut will definitely revive the business activity in the country.
In the second Asian trade, the yen edged lower and neared a 20-month low versus the dollar, dogged by expectations that a new Japanese government would nudge the Bank of Japan toward more drastic monetary stimulus. The yen had skidded to its lowest level in more than a year-and-a-half on Monday after Japan's conservative Liberal Democratic Party (LDP), which is committed to aggressive monetary easing, won a landslide election victory.
Interbank buy/sell rates for the taka against the dollar on Tuesday: 80.20-80.25 (previous 80.25-80.36). Call Money Rates: 10.50-11.00 percent (previous 7.00-11.50 percent). Indian rupee was trading against the dollar for buying and selling at at Rs 54.85 and Rs 54.86.
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Open Buying Rs 98.50
Open Selling Rs.98.70
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Bid Rate Rs.97.95
Offer Rate Rs.98.00
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According to the currency dealers, the dollar commenced on a depressed note and could not sustain in the absence of buying support. At the end of trading, the dollar was closed at Rs 98.80 and Rs 99.20 against the Monday closing of Rs 98.80 and Rs 99.30 as its buying and selling rates, respectively.
Similarly the rupee showed stability and remained unchanged on buying side while it was appreciated on selling side in relation to the pound sterling. The pound was traded at Rs 158.80 and Rs 159.50 on buying and selling counters compared with last day closing of Rs 158.80 and Rs 159.80, respectively, the dealers added.
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 for selling against same last rate. It did not observe further change in the second session and closed at Rs 158.50 for buying and Rs 158.60 for selling.