The rupee posted fresh gains against the dollar on the currency market on Wednesday in process of trading, dealers said. Currency experts were of the view that comfortable supply of dollars supported the rupee to look ahead. It is likely that the rupee may gain ahead of budget announcement, they also hoped.
They said that business circle was hoping some incentive by the new government, and added that President Asif Ali Zardari on Wednesday administered oath to Mian Muhammad Nawaz Sharif as the country's 27th prime minister, who earns the rare distinction of becoming the head of government for the third time.
In the third Asian trade, the dollar cracked the 100 yen level again, led by a slide in the Nikkei as Japanese Prime Minister Shinzo Abe's announcement of his new growth policies fell short of market expectations.
The dollar dropped 0.5 percent to 99.49 yen after spiking as high as 100.47, as algorithmic trading jolted the Japanese stock market, according to traders. The Nikkei reversed earlier gains to close down 3.8 percent. The dollar was trading against the Indian rupee at Rs 56.48, the US currency was available versus the Malaysian ringgit at 3.0830 and the greenback was at 6.128 in terms of the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 77.75-77.76 (77.75-77.75). Call Money Rates: 05.30-07.00 percent (previous 05.30-07.50 percent).
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Open Bid Rs 99.55
Open Offer Rs 99.75
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Bid Rate Rs 98.50
Offer Rate Rs 98.53
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According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 99.60 and Rs 99.90 as its buying and selling rates, respectively. The dollar witnessed no change in its worth and the opening rates continued to prevail throughout the day, the dealers said.
On the contrary, the rupee could not get out of the persistent pressure and was further depreciated against the pound sterling. The pound was traded at Rs 152.25 and Rs 152.50 on buying and selling counters compared with Tuesday closing of Rs 151.70 and Rs 152.30, respectively, they added.
The dollar opened at Rs 99.80 for buying and Rs 100 for selling against last rate. It did not observe further change in the second session, and closed at Rs 99.80 for buying and Rs 100 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 by the end of second session.