The rupee moved with handsome gains against the dollar on the open market on Tuesday in process of trading, dealers said. The rupee retained its level against the dollar for buying at Rs 101.90 and the national currency picked up six paisa for selling at Rs 101.94, dealers said.
In the second Asian trade, the dollar inched higher against a basket of major currencies on Tuesday, while the Australian dollar slide after Australia's central bank governor said it could fall further and there was room for more interest rate cuts.
The comments by Reserve Bank of Australia (RBA) Governor Glenn Stevens were taken by investors as affirming expectations for a rate cut at the RBA's meeting next week and added to downward pressure on the Aussie dollar. The dollar was trading against the Indian rupee at Rs 59.79, the greenback was at 3.2240 in terms of the Malaysian ringgit and the US currency was at 6.1322 against the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday 77.75-77.75 (77.75-77.75). Call Money Rates: 06.50-07.50 percent (previous 06.75-08.00 percent).
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Open Bid Rs 101.90
Open Offer Rs 101.94
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Bid Rate Rs 102.70
Offer Rate Rs 102.90
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According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 103.00 and Rs 103.40 as its buying and selling rates, respectively. However, it could not sustain due to lacking buying support. The dollar was ended at Rs 102.70 and Rs 103.30 on buying and selling counters, respectively, the dealers said.
Similarly, the rupee showed strength and was appreciated against sterling. The pound was purchased and sold at Rs 155.50 and Rs 156.50 compared with last day closing of Rs 156.00 and Rs 156.80, respectively, they added.
The dollar opened at Rs 103 (buying) and Rs 103.25 (selling) against last rate. It did not observe further change in the second session and closed at Rs 103 (buying) and Rs 103.25 (selling).
Pound Sterling opened at Rs 155 (buying) and Rs 155.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.