Versus euro the rupee could not recover instead, the national currency lost Re.1 for buying and selling at Rs 119.80 and 120.80. In fact, the rupee came out from the bottom as a result of slight Improvement in supply of dollars. The payment to the International Monetary Fund (IMF) and clearance of costlier bills for oil now cleared so it is most likely that the rupee may start recovering its lost ground versus dollar. The dollar purchasing by importers may come down and this factor may cause a modest rise in the rupee versus dollar.
INTER-BANK MARKET RATES: On Monday the rupee extended its weekend's slide versus dollar, shedding 10 paisa for buying at 94.45 and losing 12 paisa for selling at 94.50. On Tuesday the rupee continued its decline versus dollar, shedding five paisa for buying at 94.50 and losing three paisa for selling at 94.53. On Wednesday the rupee came under pressure versus the dollar, shedding 10 paisa for buying at 94.60 and 11 paisa for selling at 94.62. On Thursday the rupee held its overnight levels in relation to dollar for buying and selling at 94.60 and 94.62. On Friday the rupee showed no change in relation to dollar for buying at 94.60 while it shed three paisa for selling at 94.65.
OPEN MARKET RATES: On June 25 the rupee gained 10 paisa against dollar for buying and selling at 95.80 and 96.00. The rupee also gained sharply by Rs 1.20 against euro for buying and selling at 118.80 and Rs 119.80. On June 26 the rupee, however, gained 20 paisa against dollar for buying and selling at 95.60 and 95.80. The rupee fell by 40 paisa
against euro for buying and selling at 119.20 and Rs 120.20. On June 27 the rupee, however, gained 10 paisa against the dollar for buying and selling at 95.50 and 95.70. The rupee rose by 40 paisa against euro for buying and selling at 118.80 and Rs 119.80. On June 28 the rupee gave up firmness in terms of dollar, losing 20 paisa for buying and selling at 95.70 and 95.90. The rupee, however, rose by 50 paisa against euro for buying and selling at 118.30 and Rs 119.30. On June 29 the rupee posted fresh gains in terms of dollar, rising 10 paisa for buying and selling at 95.60 and 95.80. The rupee, however, fell against euro as the single European currency appreciated in the globe, gaining 10 paisa for buying and selling at 119.20 and Rs 120.20. On June 30 the rupee extended its gains in terms of dollar, rising by 10 paisa for buying and selling at 95.50 and 95.70. The rupee, however, continued its fall against euro, shedding 60 paisa for buying and selling at 119.80 and Rs 120.80. OVERSEAS OUTLOOK FOR DOLLARS: In the first Asian trade, the safe-haven dollar edged higher against a basket of major currencies, extending last week's hefty gains, as worries about the sputtering global economy and the euro zone debt crisis dampened the appetite for risk. The greenback strengthened versus euro, shrugging off efforts by European officials to ease funding strains on the continent's banking system, with markets cautiously awaiting the outcome of the European Union meeting on Thursday and Friday. The dollar index, which rallied one percent last week, was at 82.361, close to a peak of 82.469 set on Friday. Against yen it shot up to a two-month high at 80.63 yen, before profit-taking pulled it 0.3 percent lower to 80.24. Inter bank buy/sell rates for taka against dollar on Monday. 81.73- 81.83 (previous 81.80-81.82) Call Money Rates: 9.60-15.00 percent (previous 9.75-15.00 percent). Spot yuan fell to a seven-month low early Monday after the central bank set a sharply weaker midpoint for the currency, but recovered to close up slightly for the day. The People's Bank of China set the yuan midpoint at 6.3230, nearly two basis points weaker than the prior setting, marking a decline of 0.3 percent, the most abrupt day-on-day drop since mid-March. Spot yuan continued to price below the midpoint, opening down at 6.3720 then diving further to trade briefly at 6.3827, its weakest trade against dollar since November 29, 2011. The partially convertible indian rupee was at 56.48/51 per dollar, up sharply from its Friday close of 57.12/13. On Friday the rupee fell to a record low of 57.32, down a bout 7.4 percent since the start of the year. In the second Asian trade euro was on the defensive near a two-week low against dollar on growing worries that an upcoming European summit would produce nothing to solve the region's debt crisis. The broad riskaverse mood helped to lift the Japanese yen sharply from a twomonth low against the dollar, though the currency could be hit by political uncertainty in Tokyo as Japanese Prime Minister Yoshihiko Noda faces a revolt against his tax hike plan. The Indian rupee ended flat and not far from record lows against dollar, as strong end-of-the-month greenback demand from state-run oil firms and weak global risk sentiment pressured the domestic currency. The central bank was forced to intervene heavily in markets to prop up the rupee after it fell to as low as 57.20 at one point in the session, threatening to approach the record low of 57.32 hit on Friday. Inter bank buy/sell rates for taka against dollar on Tuesday. 81.83-81.87 (previous 81.73-81.83) Call Money Rates: 9.60-15.00 percent (previous 9.60- 15.00 percent). In the third Asian trade euro inched higher after hitting a two-week low the previous day, but gains were halted by skepticism that a European summit would deliver concrete measures to ease the region's debt crisis. The rupee settled at 57.15/16, compared to Tuesday's close of 57.01/02, and bringing it close to a record closing low of 57.16 hit on June 22. Bangladesh inter bank buy/sell rates for taka against dollar on Wednesday. 81.81-81.83 (previous 81.83-81.87) Call Money Rates: 9.60-15.00 percent (previous 9.60-15.00 percent). Spot yuan continued to trade within a narrow range for a second day, opening within 12 pips of Tuesday's close then gradually firming to close at 6.3554, up about 1.7 percent from its opening price. In the final Asian trade euro surged 1.1 percent, poised for its biggest daily jump in eight months, after European leaders agreed on Friday to emergency action to lower borrowing costs of Italy and Spain and to create a single supervisory body for euro area banks. A summit of the 17- nation currency zone agreed that its rescue funds could be used to stabilise bond markets without forcing countries that comply with EU rules to adopt extra austerity measures or economic reforms. China's spot yuan posted its largest quarterly decline against dollar on record in
April-June as the Chinese economy slowed and Europe's festering debt crisis pushed the US currency higher. The yuan has appreciated five percent against euro this quarter as the crisis in Europe has deepened, causing investors and central banks to increase dollar purchases. The spot yuan declined 0.9 percent against dollar in nominal terms so far this quarter, the biggest quarterly depreciation since the establishment of the China Foreign Exchange Trade System in 1994. The dollar was trading against the Indian rupee at Rs 56.32 and it Was at 3.1750 versus the Malaysian ringgit. At the weekend euro remained on track for its biggest one-day gain against dollar in eight months euro zone lead ers agreed on measures to stabilise banks and reduce borrowing costs for Italy and Spain, but the rally looked set to be short-lived. Euro zone leaders agreed that its rescue funds could be used to stabilise bond markets without forcing countries that comply with EU rules to adopt extra austerity measures or economic reforms.