The rupee is likely to breach the barrier of Rs 109 versus the dollar on the money market in the coming days, dealers said on Tuesday. Strong dollar buying may continue and it is most probably that it may crossed the barrier of Rs 109 in days to come, money experts said.
Traders said an absence of fresh drivers had prompted the market to lock in profits, a move that helped the euro drift up to $1.3405 from Monday's low of $1.3345, pulling away from a two-month trough of $1.3295 plumbed Thursday. The dollar was trading against the Indian rupee at 63.24, the greenback was at 3.2010 in terms of the Malaysian ringgit and the US currency was at 6.091 against the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Tuesday. 77.75-77.7525 (77.75-77.75). Call Money Rates: 06.00-08.00 percent (*previous 05.75-08.00 percent).
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Open Bid Rs 108.50
Open Offer Rs 108.70
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Bid Rate Rs 107.53
Offer Rate Rs 107.55
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According to the currency dealers, the dollar was opened on a depressed note and could not sustain in the absence of buying interest. The dollar was slide down from the overnight closing of Rs 108.50 and Rs 108.75 to Rs 108.25 and Rs 108.50 on buying and selling counters, respectively.
Similarly, the Pak rupee recovered some of its earlier loss and was improved against the pound sterling. The pound's buying and selling rates were declined from Rs 172.00 and Rs 172.25 of Monday to Rs 171.00 and Rs 171.25, respectively, the dealers said.
The dollar opened at Rs 106.60 (buying) and selling Rs 106.70 (selling) against last rate. It observed no change in the second session and closed at Rs 106.60 (buying) and selling Rs 106.70 (selling).
Pound Sterling opened at Rs 169 (buying) and Rs 169.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.