On the back of short supply against the strong demand, the dollar maintained rising trend versus the rupee on the money market on Thursday in the process of trading activity, dealer said. Commenting on the persisting decline in the value of rupee, marketmen said the rupee lost over five percent in the inter-bank market and the national currency also shed over five percent in the open marker since the week started.
It looks that the rupee may continue its decline against the dollar in the post holiday sessions, they added. In the inter-bank market, the rupee lost 75 paisas in terms of the dollar for buying at Rs 121.00 and it also dropped Rupee one for selling at Rs 121.50, they said.
In line with the inter-bank market, the rupee toppled in terms of the dollar in the open market, losing 80 paisas for buying at Rs 122.00 and it lost rupee one for selling at Rs 123.00, dealers said. Similarly, the rupee fell sharply against the euro, dropping Rs 1.25 for buying and selling at Rs 141.75 and Rs 143.75 respectively, they said.
In the fourth Asian trade, the dollar slipped back from three-week highs against the yen on Thursday, quickly erasing gains made after the Federal Reserve took a slightly more hawkish policy tone in signalling two more rate hikes by year-end thanks to a solid outlook for the world's biggest economy.
The greenback's bounce faded as traders booked profits before the European Central Bank's meeting later Thursday, where policy makers are seen discussing the timing of winding down the ECB's 2.55-trillion-euro bond-purchase program.
The dollar last traded at 110.20 yen, down slightly on the day, having lost steam after hitting a three-week peak of 110.85 shortly after the release of the Fed's latest policy statement.
The euro was almost flat at $1.1797, bouncing back from $1.1725 hit after the Fed's decision and edging near last week's high of $1.1840.
The dollar was trading against the Indian rupee at Rs 67.675, the greenback was at 3.983 versus the Malaysian ringgit and the US currency was available at 6.394 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday: 83.70-83.70 (Previous 83.70-83.70).
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Open Bid Rs.122.00
Open Offer Rs.123.00
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Bid Rate Rs.121.00
Offer Rate Rs.121.50
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According to currency dealers, the short supply phenomenon of the US dollar prevailed for another day in the currency market which helped its further appreciation for buying and selling at Rs 122.30 and Rs 123.20 as compared to the overnight closing trend of Rs 121.00 and Rs 121.90 respectively.
Similarly, the national currency failed to sustain its recoveries as it depreciated in process of trading versus the pound sterling. Consequently, the pound's buying and selling rates rose from Wednesday's closing of Rs 158.80 and Rs 159.80 to Rs 160.30 and Rs 163.00 respectively, they added.
The dollar opened at Rs 122 (buying) and Rs 122.20 (selling) against last rate of Rs 120 (buying) and Rs 120.20 (selling). It closed at Rs 122 (buying) and Rs 122.20 (selling).