A rising trend persisted on the money market on Wednesday as the rupee extended overnight slide against the dollar owing to forward buying of the greenback, dealers said. The feature of the day was dollar's further rise versus the rupee during the day and as it was available at Rs 106, so after this level it is difficult to say about the new direction.
In the third Asian trade, the Australian dollar slid to a three-week low on Wednesday as surprisingly subdued inflation data reinforced speculation the Reserve Bank of Australia (RBA) will resume cutting interest rates. The Aussie fell around half a cent to $0.7120, down 1 percent on the day and closer to a six-year trough of $0.6892 hit last month. Support was found around 71 cents, the 61.8 percent retrenchment of the September-October climb.
The dollar was available against the Indian rupee at Rs 65.08, the greenback was at 4.2770 in terms of the Malaysian ringgit and the US currency was trading against the Chinese yuan at 6.3579. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 77.93-77.98 (previous 77.80-77.93).
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Open Bid Rs.105.50
Open Offer Rs.105.70
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Bid Rate Rs.105.50
Offer Rate Rs.105.55
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The dollar began trading well and kept rising following fresh demand and ended higher at Rs. 105.20 and Rs. 105.45 on the buying and selling side against Rs. 104.70 and Rs. 104.95 of Tuesday.
The rupee kept falling for another day and lost against the pound sterling, which was traded at Rs. 160.35 and Rs. 161.05 on the buying and selling counter compared with the day earlier closing of Rs. 160.25 and Rs. 160.95.
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 158 (buying) and Rs 158.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 158.50 (selling).