Modest recovery was witnessed on the currency market on Monday in the process of trading, dealers said. The rupee maintained week-end's recovery against the dollar, rising three paisas for buying and selling at Rs 104.73 and Rs 104.75 respectively, they said.
In the first Asian trade, the dollar struggled after failing to gain on stronger-than-expected US payrolls data, while the Australian dollar fell prey to profit-taking after its best weekly performance in more than four years.
The greenback had initially gained on Friday in a knee-jerk reaction to an upbeat non-farm payrolls report which showed solid job growth of 242,000.
But the dollar went into reverse as markets appeared to latch onto a disappointing fall in hourly earnings. While the robust payrolls report raised prospects of the Federal Reserve hiking interest rates this year, the decline in earnings helped temper such hopes. The dollar was down 0.2 percent at 113.605 yen after rising briefly to 114.25 on Friday following the employment report release.
The dollar was trading against the Indian rupee at Rs 67.08, the US currency was at 4.0890 in terms of the Malaysian ringgit and the greenback was at 6.5138 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 78.43-78.43 (previous 78.45-78.45).
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Open Bid Rs.105.80
Open Offer Rs.106.00
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Bid Rate Rs.104.73
Offer Rate Rs.104.75
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The dollar did go under pressure but end at Rs 105.50 and Rs 106.00 on buying and selling as compared with the previous closing of Rs 105.80 and Rs 106.40.
The rupee too did gain well on buying and selling against the pound that was traded at Rs 148.10 and Rs 149.50 on buying and selling as compared with the previous closing of Rs 149.00 and Rs 150.00.
The dollar opened at Rs 106 (buying) and Rs 106.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 106 (buying) and Rs 106.20 (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).