The rupee managed to recover modestly against the dollar on the money market on Thursday in the process of trading, dealers said. The rupee rose by 10-paisa in terms of the dollar for buying and selling at Rs 98.68 and Rs 98.70 respectively, they said.
In the fourth Asian trade, the dollar hovered near a two-month high against a basket of major currencies on Thursday, taking a pause after rallying due to a shake-out of long positions in sterling and a drop in the euro. The euro edged up 0.1 percent to $1.3604, holding slightly above a three-month low of $1.3587 set on Wednesday.
The dollar was trading against the Indian rupee at Rs 58.81, the US currency was at 3.2200 in terms of the Malaysian ringgit and the greenback was available at 6.252 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Thursday: 77.63-77.63 (77.63-77.6325). Call Money Rates: 05.40-07.25 percent (previous 05.40-07.25 percent).
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Open Bid Rs.99.65
Open Offer Rs.99.85
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Bid Rate Rs.98.68
Offer Rate Rs.98.70
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According to the currency dealers, the dollar did not observe any change in its demand and supply situation that helped rupee stability. The dollar was traded at its Wednesday closing of Rs 99.65 and Rs 99.90 on buying and selling counter, respectively.
However, the rupee showed strength and appreciated its worth against the pound sterling. The pound's buying and selling rates were declined from overnight closing of Rs 167.75 and Rs 168.00 to Rs 166.75 and Rs 167.00, respectively, the dealers said.
The dollar opened at Rs 98.50 (buying) and Rs 98.60 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 98.50 (buying) and Rs 98.60 (selling). Pound Sterling opened at Rs 165 (buying) and Rs 165.50 (selling) against same last rate. It closed at the same rate without further change by the end of evening session.