THE RUPEE: firm trend

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The rupee moved cautiously against the dollar on the interbank market on Wednesday, dealers said. The rupee did not move any side versus the dollar for buying at Rs 98.39, while it shed one paisa for selling at Rs 98.42, dealers said.

INTERBANK MARKET RATES: In third Asian trade, the euro held steady, clinging above a two-week low set the previous day, but the single currency could face more selling pressure as soft euro-zone data has bolstered expectations of an interest rate cut by the European Central Bank.

The euro was fetching $1.3002. The single currency had hit a two-week low of $1.2973 on Tuesday in light of a survey showing a sharp drop in German business activity in April.

The dollar was trading against the Indian rupee at Rs 54.38, the greenback was available at 3.0490 in terms of the Malaysian ringgit and the US currency was at 6.1781 versus the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 77.95-77.96 (77.95-77.96). Call Money Rates: 07.00-07.50 percent (previous 05.90-08.00 percent).

Courtesy: Business Recorder

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