THE RUPEE: firm trend

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Weekly Updates - Rupee in a flash

The rupee managed to hold its present level against the dollar despite strong demand for dollars to clear the payments, dealers said on the money market on Wednesday. Traditionally, it was observed that before elections, the dollar's demand came down due to easy supply, they said. Now, it was not very difficult to feel that there was no major difference between open and interbank market rates, currency experts said.

INTERBANK MARKET RATES: The rupee inched up versus the dollar for buying and selling at Rs 98.33 and Rs 98.35, they added.

OPEN MARKET RATES: The rupee did not show any change in terms of the dollar for buying and selling at Rs 98.85 and Rs 99.10, they said. While, the rupee also held the overnight levels against the euro for buying and selling at Rs 126.25 and Rs 126.50, they added.

In the third Asian trade, the yen and the euro inched lower versus the dollar on Wednesday, with trading largely characterised by a lack of conviction as markets awaited policy decisions by the Bank of Japan and European Central Bank on Thursday. Yen bears are worried the BOJ, in its first policy review under new governor Haruhiko Kuroda, might not live up to expectations, as markets are already positioned for aggressive stimulus measures.

The dollar firmed 0.1 percent to 93.52 yen, inching away from a one-month low of 92.57 yen set on Tuesday. The dollar was still some way off a 3-1/2 year high of 96.71 yen set last month. The dollar was trading against the Indian rupee at Rs 54.38, the US currency was available at 3.0840 in relation to the Malaysian ringgit and the greenback was at 6.202 in terms of the Chinese yuan. Interbank buy/sell rates for the taka against the dollar on Wednesday: 78.10-78.1050 (78.10-78.11). Call Money Rates: 07.00-07.25 percent (previous 05.30-07.50 percent).

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