Handsome recovery was seen on the currency market on Tuesday as the rupee improved versus the dollar in the process of trading, dealers said. The rupee recovered in relation to the dollar as it picked up 10 paisa for buying at Rs 99.60 and 16 paisa gain for selling at Rs 99.64, they said.
In the second Asian trade, the dollar held firm near four-week highs against a basket of currencies, supported by expectations an end in US monetary stimulus will boost US bond yields, pulling back investors who have been seeking higher returns elsewhere.
The Australian dollar tumbled to a near three-year low after the Reserve Bank of Australia kept the door open to interest rate cuts and tried to talk down the currency. The dollar was trading against the Indian rupee at Rs 59.33, the greenback was available at 3.1675 in terms of the Malaysian ringgit and the US currency was at 6.1324 in terms of the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Tuesday: 77.75-77.80 (77.75-77.78). Call Money Rates: 05.50-07.50 percent (previous 05.50-07.50 percent).
========================
Open Bid Rs 99.60
Open Offer Rs 99.64
========================
========================
Bid Rate Rs 100.60
Offer Rate Rs 100.80
========================
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 100.60 and Rs 100.90 as its buying and selling rates, respectively. There was no visible change in the dollar's demand and supply situation that helped rupee stability. The dollar was closed at the opening level, the dealers said.
Similarly, the national currency showed stability and stayed unchanged on buying side while it was declined on selling side in relation to the pound sterling. The pound was purchased and sold at Rs 152.50 and Rs 153.50 compared with Monday closing rates of Rs 152.50 and Rs 153.00, respectively, the dealers said.