The rupee sustained appreciation against the dollar on the money market on Wednesday in the process of trading, dealers said. The rupee maintained its rising trend in relation to the dollar, picking up four paisas for buying and selling at Rs 105.28 and Rs 105.31 respectively, they said.
The rupee also gained 85 paisas versus the euro for buying and selling at Rs 124.90 an Rs 126.40 respectively, they said. In the third Asian trade, the dollar pulled away from the previous session's 4-1/2 month lows against the yen on Wednesday as investors' concerns over North Korea's latest missile test eased for now, while the Australian dollar surged on upbeat construction data.
The dollar index, which tracks the greenback's value against a basket of six major currencies, added 0.1 percent to 92.292, having recovered from Tuesday's low of 91.621, its lowest level since January 2015. The dollar last traded at 109.77 yen, up from Tuesday's low of 108.265 yen, its lowest level since mid-April. The dollar/yen reacted yesterday, moving lower, and that seems to be reversing today, said Mitul Kotecha, head of Asia macro strategy for Barclays in Singapore.
The dollar was trading against the Indian rupee at Rs 63.95, the greenback was available at 4.269 in terms of Malaysian ringgit and the US currency was at 6.584 against the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 80.70-80.70 (previous 80.70-80.70).
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Open Bid Rs.105.90
Open Offer Rs.106.10
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Bid Rate Rs.105.28
Offer Rate Rs.105.31
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According to currency dealers, the greenback continued moving both ways following divergent trend throughout the market. At the close, it was ended at Rs 105.60 and Rs 106.30 on buying and selling side, respectively, as compared to the overnight closing rates of Rs 105.70 and Rs 106.25 respectively, they added.
On the contrary, the local currency recovered its day earlier losses versus the pound sterling. The pound's buying and selling rates slid from Tuesday's closing of Rs 134.90 and Rs 135.80 to Rs 134.50 and Rs 135.30 respectively, they said.
The dollar opened at Rs 107.10 (buying) and Rs 107.20 (selling) against same last rate. It closed at Rs 107.10 (buying) and Rs 107.20 (selling) in evening session.