Firmness prevailed on the money market on Monday as the rupee managed to recover some ground against the dollar in the process of trading, dealer said. The rupee almost held the week-end levels in terms of the dollar for buying and selling at Rs 104.64 and Rs 104.65 respectively, dealer said.
In the first day of Asian trade, the dollar languished at more than three-week lows against a basket of major currencies after a strongly disappointing employment report prompted investors to rule out the chance of a hike in US interest rates this month.
The dollar index stood at 94.161, having been as low as 93.855 on Friday - a level last seen on May 12. It tumbled 1.6 percent on Friday, posting its second biggest one-day drop this year. Friday's data showed non-farm payrolls increased by only 38,000 jobs last month, the fewest in more than 5-1/2-years, confounding forecasts for a rise of 164,000 jobs.
The dollar was trading against the Indian rupee at Rs 13410, the greenback was at 4.1050 versus the Malaysian ringgit and the US was available at 6.5644 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 78.40-78.40 (previous 78.40-78.40).
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Open Bid Rs 104.90
Open Offer Rs 105.10
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Bid Rate Rs 104.64
Offer Rate Rs 104.65
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According to the currency dealers, the dollar commenced trading on a depressed note and remained under pressure due to lacking buyers' interest. At close, the dollar ended lower at Rs 104.70 and Rs 105.50 on buying and selling side, respectively, against the Saturday's closing of Rs 105.00 and 105.55.
Similarly, the local currency showed rising trend against the British pound that also declined from the previous closing of Rs 151.30 and Rs 152.95 to Rs 149.20 and Rs 150.50, the dealers added.
The dollar resumed trading at Rs 105.50 (buying) and Rs 106 (selling) against last rate of 105.60 (buying) and Rs 106.10 (selling). It did not observe further change in the last trading hours and closed at Rs 105.50 (buying) and Rs 106 (selling).
Pound Sterling opened at Rs 151.60 (buying) and Rs 152 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 151.60 (buying) and Rs 152 (selling).