An upward trend prevailed on the money market on Monday as the rupee gained sharply against the dollar in the process of trading, dealers said. The rupee rose by 20 paisas versus the greenback for buying Rs 108.00 and it picked up 30 paisas for selling at Rs 108.20, they said. Similarly, the rupee appreciated by 40 paisas in terms of the euro for buying and selling at Rs 112.20 and Rs 113.20 respectively, they said.
The yield pulled back from 27-month peaks scaled mid-month following Friday's release of US economic indicators that included strong housing and consumer confidence data but also numbers that pointed to slower household income.
"The currency market is likely to lack incentives as major markets in Asia, Europe and North America will be closed. That said, dollar/yen risks drifting below 117 on caution towards the Trump administration's protectionist policies," said Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo.
Inter bank buy/sell rates for the taka against the dollar on Monday: 78.78-78.80 (previous 78.80-78.85).
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Open Bid Rs 108.00
Open Offer Rs.108.20
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According to currency dealers, the US dollar commenced trading on a depressed note amidst lack of buyers' interest in the market.
At the close, it could not sustain and lost its worth to Rs 108.00 and Rs 108.50 on buying and selling counters, respectively, as compared to its Saturday's closing rates of Rs 108.40 and Rs 108.60, respectively, they added.
The local currency also followed the same suit versus the pound sterling. The pound's buying and selling rates went down from its last week's closing rates of Rs 132.20 and Rs 133.10 to Rs 131.30 and Rs 132.30, respectively, they said.
The dollar resumed trading at Rs 108 (buying) and Rs 108.50 (selling) against last rate of Rs 107 (buying) and Rs 107.50 (selling). It did not observe further change in evening session and closed at Rs 108 (buying) and Rs 108.50 (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).