The rupee extended its overnight firmness against the dollar on the local currency market on Wednesday in the process of trading, dealers said. The rupee maintained its last levels in relation to the dollar for buying and selling at Rs 104.20 and Rs 104.22 respectively, they said.
In the third Asian trade, the dollar bounced to cut steep losses versus the yen as Tokyo shares rebounded after sharp losses, dulling demand for the safe-haven Japanese currency for the time being.
The US currency fared better against commodity currencies like the Australian and Canadian dollars, put on the defensive as crude oil prices resumed falling.
The dollar was up 0.7 percent at 120.175 yen, hoisted up from a low of 119.225 as Tokyo's Nikkei gained 0.8 percent following the previous day's 3.8 percent tumble.
The greenback was still sharply lower from its overnight high of 121.265 against its Japanese peer, which tends to attract bids in times of financial market turmoil. The dollar was trading against the Indian rupee at Rs 66.24, the US currency was at 4.2160 versus the Malaysian ringgit and the greenback was available at 6.3649 in terms of the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 77.80-77.81 (previous 77.80-77.80). Call Money Rates: 05.25-6.50 percent (Previous 05.25-06.50 percent).
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Open Bid Rs.104.50
Open Offer Rs.104.75
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Bid Rate Rs.104.20
Offer Rate Rs.104.22
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According to currency dealers, the dollar resumed trading at overnight closing of Rs 104.70 and Rs 104.95 on buying and selling counters, respectively. In the face of increasing demand of the dollar at the local kerb, it appreciated its worth by 30-paisa on buying side at Rs 105.35 and on selling side at Rs 105.30.
On the other hand, the Pak rupee recovered its earlier loss against the British pound. The pound Sterling was purchased and sold at Rs 159.60 and Rs 160.50 as against Rs 160.00 and Rs 160.70 on Monday, 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).