THE RUPEE: easier trend

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Weekly Updates - Rupee in a flash

Bears dominated the interbank market on Monday while the rupee held it's firmness on the open market in the process of trading, dealers said. Strong demand pushed the rupee value down versus the dollar and the national currency might recover some ground if dollars' supply eased in the coming days, experts said.

INTERBANK MARKET RATES: The rupee dropped by 15 paisa versus the dollar for buying at Rs 98.10 and it fell by 17 paisa for selling at Rs 98.15, they added.

OPEN MARKET RATES: The rupee sustained its levels in relation to the dollar for buying and selling at Rs 99.00 and Rs 99.25, they said. The rupee showed an improved trend versus the euro, gaining Rupee one for buying and selling at Rs 129.00 and Rs 129.25, they added.

In the first Asian trade, the euro plunged and traders squeezed the yen sharply higher in Asia as news that Cyprus' bailout plan includes taxing depositors was taken as a dangerous precedent that could ultimately trigger bank runs elsewhere in the region.

Euro zone finance ministers want to tap Cyprus' savers in order for the country to receive a 10 billion euro ($13 billion) bailout, and this decision caused a run on cash after its announcement on Saturday morning.

The greenback was trading against the Indian rupee at Rs 54.20, the dollar was available at 3.1310 in terms of the Malaysian ringgit and the US currency was at 6.215 in relation the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Monday: 78.55-78.59 (78.62-78.62). Call Money Rates: 06.75-07.50 percent (previous 06.00-07.75 percent).


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