THE RUPEE: modest recovery

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Weekly Updates - Rupee at weekend

An upward trend was seen on the local currency market on Wednesday as the rupee managed to recover modestly versus the dollar in the process of trading, dealers said. Easy supply of dollars helped the rupee to lift from the bottom and it is most likely that the national currency may hold the present levels in the near future, experts said.

INTERBANK MARKET RATES: The rupee appreciated by 10 paisa in relation to the dollar for buying at 98.12 and it also picked up eight paisa for selling at 98.16, they said.

OPEN MARKET RATES: The rupee held the overnight levels in terms of the dollar for buying and selling at 99.00 and 99.25, they said. The rupee, however, lost 75 paisa in relation to the euro for buying and selling at Rs 133.25 and Rs 133.50, they added.

In the third Asian trade, the yen rose versus the dollar on Wednesday after Japanese Prime Minister Shinzo Abe said the need to establish a public-private sector fund to buy foreign bonds had declined. The possibility of setting up such a fund, tasked with measures including purchases of foreign bonds, had been included in a campaign platform drawn up by Abe's Liberal Democratic Party ahead of a national election last December.

The dollar was trading against the Indian rupee at Rs 54.04, in relation to the US currency, the Malaysian ringgit was available at 3.0930 and the greenback was at 6.239 in terms of the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 78.90-78.91 (78.90-78.92). Call Money Rates: 09.50-10.00 percent (previous 07.00-10.50 percent.

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