THE RUPEE: drifts lower

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Weekly Updates - Rupee in a flash

The rupee drifted lower against the dollar on the currency market on Monday in process of strong demand for dollars, dealers said. The rupee dropped by nine paisa in relation to the dollar for buying at 97.72 and the national currency also down by eight paisa for selling at Rs 97.74, they said.

INTERBANK MARKET RATES: OPEN MARKET RATES: The rupee was down versus the dollar for buying and selling at 99.20 and 99.40, they said. The rupee also fell sharply in relation to the euro for buying and selling at Rs 132.90 and Rs 133.90, they said.

In the first Asian trade, the euro held near an 11-month high against the dollar on mounting signs of economic confidence recovering in Europe, while the yen slipped to a 2-1/2-year low versus the dollar on expectations of more monetary easing in Japan.

Data on Friday showed European banks are repaying more than expected of the emergency loans they borrowed from the European Central Bank (ECB) during the debt crisis, demonstrating their growing confidence. The dollar was trading against the Indian rupee at Rs 53.84, the greenback was at 3.0430 in terms of the Malaysian ringgit and the greenback was at 6.2233 in relation to the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Monday: 79.28-79.30 (79.30-79.32). Call Money Rates: 08.50-08.50 percent (previous 06.25-09.00 percent).

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