An easier trend prevailed on the money market on Monday as the rupee drifted lower versus the dollar in the process of trading, dealers said. The rupee shed four paisas against the dollar for buying and selling at Rs 104.78 and Rs 104.80 respectively, they said.
In the first Asian trade, the dollar inched up to a seven-month high against a basket of currencies, retaining some of the momentum from upbeat US data released the previous session that reinforced expectations for a December interest rate hike by the Federal Reserve. The dollar index was up 0.1 percent at 98.l22 after touching 98.158, its highest since March 10. The US currency was steady at 104.110 yen after gaining 0.4 percent on Friday. The euro hovered close to a near three-month low of $1.0965 plumbed earlier on Monday.
The dollar was trading against the Indian rupee at Rs 66.86, the greenback was at 4.2175 in terms of the Malaysian ringgit and the US currency was at 6.7335 in relation to the Chinese yuan. Interbank 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.105.40
Open Offer Rs.105.60
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Bid Rate Rs.104.78
Offer Rate Rs.104.80
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According to the currency dealers, the greenback resumed trading on a mixed note and moved in a narrow range during the day's trading. At close of trading, the dollar ended at Rs 105.70 and Rs 105.80 on buying and selling side against the last week closing of Rs 105.60 and Rs 105.85, respectively.
However, versus the pound sterling, the rupee remained strong and appreciated on buying side while it was declined on selling side. The British pound was bought and sold at Rs 128.00 and Rs 129.20, compared to the Saturday closing of Rs 128.10 and Rs 129.00, respectively, the dealers said.
The dollar opened at Rs 105 (buying) and Rs 105.10 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 105 (buying) and Rs 105.10 (selling).
Pound Sterling opened at Rs 132 (buying) and Rs 133 (selling). It did not observe further change in the second session and closed at Rs 132 (buying) and Rs 133 (selling).