The rupee continued its fall against the dollar on the money market on Tuesday in the process of trading, dealers said. Commenting on the persisting fall in the rupee's value versus the dollar, some money experts said that rising demand in the world and local markets pushed rates higher. The continued buying of dollar may cause further decline in the value of rupee in times to come, they said.
The Organization of the Petroleum Exporting Countries (OPEC) will gather in Vienna on Wednesday to discuss a planned output cut in an effort to curb a supply glut.
The dollar was available against the Indian rupee at Rs 68.68, the greenback was at 4.4610 versus the Malaysian ringgit and the US currency was at 6.8922 against the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 78.71-78.72 (previous 78.68-78.72).
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Open Bid Rs.107.60
Open Offer Rs.107.90
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Bid Rate Rs.104.85
Offer Rate Rs.104.86
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According to currency dealers, the trading of the greenback resumed on its overnight closing of Rs 107.60 and Rs 107.90 as its buying and selling rates, respectively.
The short supply phenomenon of the greenback helped its appreciation at Rs 107.70 on buying counter.
However, no change in the value of the dollar took place on the selling side as it sustained its overnight trend until the close of market, respectively, they added.
On the other hand, the local currency recovered its day earlier losses versus the pound sterling. The pound's buying and selling rates declined from Monday's closing rates of Rs 134.10 and Rs 134.90 to Rs 133.50 and Rs 134.30, respectively, the dealers said.
The dollar opened at Rs 105 (buying) and Rs 105.10 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 105 (buying) and Rs 105.10 (selling).
Pound Sterling opened at Rs 132 (buying) and Rs 133 (selling). It did not observe further change in the second session and closed at Rs 132 (buying) and Rs 133 (selling).