The rupee showed little changes in relation to the dollar on the money market on Thursday in the process of trading, dealers said. The rupee shed one paisa in terms of the dollar for buying and selling at Rs 104.84 and Rs 104.85 respectively, they said.
In the fourth Asian trade, the dollar hovered near a seven-week high on increasing signs given by Federal Reserve officials that the US central bank is seriously considering raising interest rates this month. Federal Reserve Governor Lael Brainard said late on Wednesday an improving global economy and a solid US recovery mean it will be "appropriate soon" for the Fed to raise rates.
The dollar index, which measures the greenback against a basket of six major currencies, was slightly higher at 101.91. The index climbed to 101.97 on Wednesday, its highest since January 11. On Tuesday, two influential Fed policymakers, William Dudley and John Williams, encouraged dollar bulls with comments that suggested rate-setters are worried about waiting too long in the face of pending economic stimulus from Washington.
"The Fed is likely to raise interest rates this month unless the US jobs data due next week is bad," said Yukio Ishizuki, FX strategist at Daiwa Securities in Tokyo. The dollar was available against the Indian rupee at Rs 66.73, the greenback was 4.4480 versus the Malaysian ringgit and the US currency was at 6.8842 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 79.40-79.40 (previous 79.38-79.39).
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Open Bid Rs.107.00
Open Offer Rs.107.20
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Bid Rate Rs.104.84
Offer Rate Rs.104.85
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According to currency dealers, the US dollar commenced trading on its overnight closing of Rs 107.00 and Rs 107.30 as its buying and selling rates, respectively. At the close, no change in its value took place as it sustained its overnight trend of Rs 107.00 on buying counter. However, it registered appreciation and ended at Rs 107.40 on selling counter, respectively, they added.
Furthermore, the local currency remained strong for the second consecutive day versus the pound sterling. The pound's buying and selling rates further slid from the Wednesday's closing rates of Rs 131.30 and Rs 132.30 to Rs 130.50 and Rs 131.50, respectively, they said.
The dollar opened at Rs 108.10 (buying) and Rs 108.20 (selling) and it closed at the same rate. Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It closed at the same rate.