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THE RUPEE: dollar in commanding position

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Weekly Updates - Rupee in a flash

The rupee surrendered its week-end's gains against the dollar and yen on the currency market on Monday, leading money changes said. The rupee failed to sustain it's rally versus the greenback on strong demand for the US currency because it was expected that the dollar to maintain it's climb due to massive buying of dollars to clear International Monetary Fund (IMF) payments, they said. If any kind of dollars' outflows started, it may create panic buying of dollars in the money market, they guessed.

INTERBANK MARKET RATES: The rupee fell by three paisa in terms of the dollar for buying at 97.73 and it dropped two paisa for selling at 97.74, the said.

OPEN MARKET RATES: The rupee was down by 25 paisa versus the greenback for buying and selling at 99.15 and at 99.35, they said. The national currency followed same path against the euro, losing 10 paisa for buying and selling at Rs 131.30 and Rs 132.30, they said.

During the first Asian trade, the yen hit a 2-1/2 year low against the dollar before quickly bouncing back on Monday as traders braced for the outcome of a Bank of Japan meeting that is expected see the central bank commit to an aggressive reflationary policy.

Under political pressure to pull the country out of deflation, the BOJ is expected to unveil a raft of policy steps including further quantitative easing and setting a two percent inflation target at its two-day meeting that ends on Tuesday.

The dollar was available in relation to the Indian rupee at Rs 53.95, the greenback was trading at 3.0265 in terms of the Malaysian ringgit and the US currency versus the Chinese yaun was at 6.219. Interbank buy/sell rates for the taka against the dollar on Monday: 79.45-79.45 (79.50-79.50) Call Money Rates: 12.00-12.00 percent (previous 08.00-12.00 percent).

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