Bears dominated the currency market on Tuesday as the rupee drifted lower against dollar due to strong demand for the US currency, dealers said. The rupee fell sharply in relation to dollar, shedding 25 paisa for buying at 85.35 and dropped by 24 paisa for selling at 85.38, they said.
The euro edged higher on Tuesday but faced headwinds in moving further away from a three-week low hit a day earlier when reports about ailing lender WestLB triggered another outbreak of worries on euro zone debt and banking problems.
Market players said euro could slip back if upcoming US data, including retail sales figures later in the day, paints an improving picture of the economy, which could push up US interest rates further to the detriment of euro.
Indian rupee was available at Rs 45.50 versus dollar, Malaysian ringgit was trading at 3.0520 in relation to the greenback and Chinese yuan was at 6.5929 in relation to the US currency. Interbank buy-sell rates for taka against dollar on Tuesday : 71.17/71.18 (previous 71.17/71.17) Call Money Rates: 5.50-12.00 percent (previous 5.50-12.00 percent).
The rupee followed the same print versus euro, losing 76 paisa for buying and selling at Rs 115.58 and Rs 116.08, they said.
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Open Buying Rs 85.35
Open Selling Rs 85.38
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Buying Rs 85.50
Selling Rs 85.65
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Repo Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 11.10 12.60 11.25 12.75 11.93
1-Week 11.60 12.50 12.60 12.70 12.35
2-Week 11.65 12.70 12.70 12.80 12.46
1-Month 12.00 12.90 12.85 12.95 12.68
2-Months 12.50 13.15 13.15 13.25 13.01
3-Months 12.90 13.20 13.20 13.30 13.15
4-Months 13.00 13.30 13.25 13.35 13.23
5-Months 13.20 13.45 13.40 13.50 13.39
6-Months 13.35 13.50 13.45 13.55 13.46
9-Months 13.40 13.60 13.50 13.65 13.54
1-Year 13.45 13.60 13.55 13.65 13.56
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Call Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 11.10 12.70 11.25 12.80 11.96
1-Week 12.00 12.85 12.70 13.00 12.64
2-Week 12.40 12.90 12.80 13.00 12.78
1-Month 12.60 12.95 12.95 13.10 12.90
2-Months 12.90 13.30 13.25 13.35 13.20
3-Months 13.10 13.50 13.35 13.60 13.39
4-Months 13.25 13.65 13.45 13.75 13.53
5-Months 13.40 13.70 13.50 13.75 13.59
6-Months 13.40 13.75 13.65 13.90 13.68
9-Months 13.50 13.75 13.70 13.90 13.71
1-Year 13.50 13.80 13.75 13.90 13.74
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According to the currency dealers, the dollar continued upward trend and appreciated its worth on account of buying support. The dollar resumed trading at Rs 85.40 and Rs 85.60, as its buying and selling rates and ended with marginal improvement on both the counters, to close at Rs 85.60 and Rs 85.90, respectively, they added.
Likewise, the pound sterling showed strength and appreciated its worth in the local market. The pound was purchased and sold at Rs 136.70 and Rs 137.30, as compared to overnight closing of Rs 136.00 and Rs 136.80, respectively, they added.
The dollar opened at Rs 85.90 (buying) and Rs 86.20 (selling) against the same last rate. It did not observe further change in the evening session and closed at Rs 85.90 (buying) and Rs 86.20 (selling).
Pound Sterling opened at Rs 136.30 (buying) and Rs 136.70 (selling) against the same previous rate. It did not witness any change in the evening session and closed at Rs 136.30 (buying) and Rs 136.70 (selling).