Bears persisted on the money market on Wednesday as the rupee extended fall versus dollar due to strong demand for the greenback, dealers said. The rupee shed eight paisa against dollar for buying at 90.20 and lost 10 paisa for selling at 90.25, dealers said.
INTERBANK MARKET: OPEN MARKET RATES: The rupee continued decline in relation to the US currency, losing 15 paisa for buying and selling at 90.15 and 90.35, they said. Versus euro the rupee also came down after losing 53 paisa for buying and selling at Rs 117.29 and Rs 117.79, they said.
Reuters adds: In the third Asian trade a short-squeeze rally in the euro stalled ahead of debt auctions in Germany, with market players dubious about the euro zone's plans to fend off a sovereign debt crisis as some countries face huge debt refinancing needs.
The euro is meeting resistance after posting its biggest one-day rally in nearly two months on Tuesday as investors heavily trimmed bearish positions in the common currency after upbeat data bolstered risk appetite. China's yuan ended slightly weaker after hitting an intraday record high against dollar on Wednesday in the wake of a strong mid-point fixing, which underpinned expectations the Chinese currency will rise further in the near term.
Interbank buy/sell rates for taka against dollar on Wednesday: 82.08-82.10 (previous 82.01-82.05) Call Money Rates: 12.00-20.00 percent (previous 8.00-20.00 percent). The dollar was trading versus the Indian rupee at Rs 53.13 and it was available at 3.1375 versus the Malaysian ringgit.
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Open Buying Rs 90.15
Open Selling Rs 90.35
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday
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Buying Rs 90.20
Selling Rs.90.25
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RUPEE IN LAHORE: The rupee lost 20 paisa on buying side and 10 paisa on selling side against dollar on Lahore currency market on Wednesday. Dealers said that dollar was traded at Rs 90.20 and Rs 90.40 for buying and selling, respectively, against Tuesday's Rs 90.00 and Rs 90.30. The rupee was also down against pound sterling. The pound was purchased and sold at 140.50 and Rs 141.50 as compared to previous closing of Rs 139.80 and Rs 140.50, respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday. The dollar opened at Rs 89 (buying) and Rs 89.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 89 (buying) and Rs 89.20 (selling). Pound Sterling opened at Rs 138 (buying) and Rs 138.90 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 138 (buying) and Rs 138.90 (selling).
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