THE RUPEE: slight rise

09 Nov, 2017

The rupee maintained it's upward trend versus the dollar on the money market on Wednesday in process of trading, dealers said. The rupee did not move any side in relation to the dollar for buying and selling at Rs 105.44 and Rs 105.45 they said. In the third Asian trade, the dollar slipped broadly on Wednesday, hurt by a media report that suggested the implementation of a centrepiece corporate tax cut under discussion in US tax reforms plans could be delayed.
The dollar was down 0.2 percent at 113.800 yen, falling away from an eight-month high of 114.735 touched on Monday.
The euro rose 0.1 percent to $1.1597, bouncing modestly from a three-month low of $1.1553 plumbed overnight.
The common currency has slipped steadily over the past few weeks, pressured by the divergence in the monetary policies of the European Central Bank and the Federal Reserve.
The dollar index against a basket of six currencies dipped 0.1 percent to 94.844 as US Treasury yields continued to decline.
The dollar was trading against the Indian rupee at Rs 65.06, the greenback was at 4.227 versus the Malaysian ringgit and the US currency was available at 6.636 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday. 80.95-81.00 (previous 80.94-80.95.


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Open Bid Rs.107.20
Open Offer Rs.107.40
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Bid Rate Rs.105.44
Offer Rate Rs.105.45
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According to currency dealers, the dollar commenced trading on depressing note and remained under pressure for another day during the day's trading session. Consequently, it further slid to Rs 107.10 and Rs 107.50 for buying and selling, respectively, as compared to the overnight closing rates of Rs 107.15 and Rs 107.65 respectively, they added.
Furthermore, the rupee appreciated against the pound sterling for buying at Rs 139.80 against the last closing rate of Rs 140.20. However, no change in its value took place for selling as it maintained its opening trend of Rs 141.20, they said.

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