THE RUPEE: slight fall

14 May, 2013

The rupee drifted slightly lower against the dollar on the currency market on Monday amid post-election season, dealers said. Thank God, the general election 2013 held in the country. It is highly expected that the new government will prove itself better against the previous governments and will provide at least basic requirements to the nation, money experts said.
General public willing that the newly-elected government must eliminate poverty from the society, provide contamination-free water and food, education and electricity, which will definitely create jobs in the country, they said. "We are at the edge of disaster, and there is urgent need to solve problems, the new government must try to avoid domestic battle to tackle global challenges. Hopefully, all positive developments will bring down crime rate in the country," they said.
In the first Asian trade, the yen fell below the 102 level to the dollar after Tokyo escaped direct criticism of its aggressive monetary easing programme at the Group of Seven meeting over the weekend, greasing the Japanese currency's slide in the short term.
The dollar last bought 101.73 yen, having given up earlier gains that took it to 102.15 yen, its highest since October 2008. The dollar was trading against the Indian rupee at Rs 54.93, the greenback was at 2.9950 in relation to the Malaysian ringgit and the US currency was at 6.1465 in terms of the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Monday: 77.83-77.83 (77.85-77.85).Call Money Rates: 06.50-07.00 percent (previous 05.25-08.00 percent).



========================
Open Bid Rs 99.75
Open Offer Rs 99.95
========================


========================
Bid Rate Rs 98.45
Offer Rate Rs 98.47
========================

According to the currency dealers, the dollar resumed trading at its last week closing of Rs 99.80 and Rs 99.95 on buying and selling counters, respectively. The dollar did not observe any change in its buying rate and remained unchanged at Rs 99.80. However, its selling rate was increased from Rs 99.95 to Rs 100.10, the dealers said.
On the contrary, the rupee remained under pressure and was slipped against the pound sterling. The pound was purchased and sold at Rs 152.70 and Rs 153.50 compared with last Friday closing of Rs 152.00 and Rs 153.05, respectively, they added.
The dollar opened at Rs 99.20 for buying and Rs 99.30 for selling against same last rate. It closed on same period of Rs 99.20 for buying and Rs 99.30 for selling by the end of evening session.
Pound Sterling opened at Rs 154 for buying and Rs 155 for selling against same last rate. It closed at the same rate without further change in the evening session.

Read Comments