The rupee tended lower against the dollar on the money market on Wednesday in the process of trading, dealers said. The rupee firmly held the overnight levels against dollar for buying and selling at Rs 104.84 and Rs 104.85 respectively, they said.
In its policy meeting ending later in the day, the Fed is all but certain to raise its interest rate target by 0.25 percentage point to 0.50-0.75 percent, which would be just the second rate hike since the financial crisis in 2007-08, following the tightening last December.
The dollar was trading against the Indian rupee at Rs 67.56, the greenback was at 4.4445 in terms of Malaysian ringgit and the US currency was at 6.9053 versus the Chinese yuan. Interbank buy/sell rates for the taka against the dollar: 78.85-78.85 (previous 78.84-78.85).
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Open Bid Rs.107.30
Open Offer Rs.107.50
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Bid Rate Rs.104.84
Offer Rate Rs.104.85
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According to currency dealers, the trading of the dollar resumed on a positive note amidst lack of buyers' interest in the market.
At the close, the dollar ended higher at Rs 107.50 and Rs 107.70 on buying and selling counters, respectively, as compared to Tuesday's closing rates of Rs 107.45 and Rs 107.50, respectively, they added.
On the other hand, the local currency recovered its overnight losses against the pound sterling. The pound's buying and selling rates declined from the day earlier closing rates of Rs 135.10 and Rs 136.00 to Rs 134.40 and Rs 135.50, respectively, they said.
The dollar resumed trading at Rs 107 (buying) and Rs 107.50 (selling) against same last rate. It did not observe further change in evening session and closed at Rs 107 (buying) and Rs 107.50 (selling).
Pound Sterling opened at Rs 135 (buying) and Rs 135.10 (selling) against same last week's rate. It did not observe further change in the second session and closed at Rs 135 (buying) and Rs 135.10 (selling).