The rupee started recovering against the dollar on the money market on Wednesday in the process of trading, dealers said.
Under the directive of State Bank of Pakistan (SBP), the rupee managed to halt decline in relation to the dollar. On Tuesday, the central bank asked the banks to ward off forward buying of dollar, which boosted the rupee in terms of the greenback, they said.
The US currency was up 0.8 percent at 119.77 yen, albeit off the high of 120.40 scaled overnight. It managed to pull away from a seven-month low of 116.15, after China's central bank cut interest rates for the second time in two months late on Tuesday.
The dollar was trading against the Indian rupee at Rs 66.20, the greenback was at 4.2400 in terms of the Malaysian ringgit and the US currency was at 6.4136 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.30-6.50 percent (Previous 05.30-06.50 percent).
========================
Open Bid Rs 104.60
Open Offer Rs.104.80
========================
========================
Bid Rate Rs.104.15
Offer Rate Rs.104.20
========================
Currency dealers said the dollar resumed trading at its day earlier closing of Rs 104.80 and Rs 105.40 as its buying and selling rate, respectively and its buying rate remained unchanged at Rs 104.80. But because of the diminishing demand, it then declined to Rs 105.10 on the selling side.
The rupee staged recovery and appreciated its worth against the pound sterling, whose buying and selling rate slide down from Tuesday closing of Rs 163.80 and Rs 164.50 to Rs 162.70 and Rs 163.70, respectively, the dealers said.
The dollar opened at Rs 104 (buying) and Rs 104.25 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 104 (buying) and Rs 104.25 (selling). Pound Sterling opened at Rs 161 (buying) and Rs 161.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 161 (buying) and Rs 161.50 (selling).