The rupee maintained a firm posture versus the dollar in the currency market last week, money experts said. In the inter-bank, the rupee gained six paisa in relation to the dollar for buying and selling at 59.55 and 59.60 on easy supply of the US currency, they observed.
The rupee almost adopted an unmoved attitude versus the greenback in the open market for buying and selling at 60.44 and 60.48 in process of trading, they said.
The rupee most of the time held its firmness but at the final session failed to retain its level versus the euro, losing 60 paisa for buying and selling at Rs 72.20 and Rs 72.40, respectively.
Market sources said that some improvement was seen in the dollars' supply as the rupee managed to recover modestly. Inflows of dollars in shape of remittances and foreign investments in the country boosted the rupee, money experts said.
President of the Forex Association of Pakistan (FAP), Malik Bostan said that it seems that the pound sterling might show modest weakness in the overseas markets on emergence of unfavourable factors.
Predictions about an expected cut in the UK interest rates and strong US job data are the main key reasons, he said.
INTER-BANK RATES: On Monday, the rupee moved slightly against the dollar for buying and selling at 59.62 and 59.65 in process of trading, dealers said.
On Tuesday, the rupee recouped early losses on easy supply of dollars at 59.64 and 59.65 for buying and selling, respectively.
On Wednesday, the rupee inched up after making one paisa recovery versus the dollar for buying and selling at 59.63 and 59.64, dealers said.
On Thursday, the rupee maintained a firm look since the new fiscal started as a result of the matching supply of the US currency with market demand, they added.
On Friday, strong dollar supply helped the rupee to recover its lost ground versus the US currency, gaining four paisa for buying and selling at 59.58 and 59.60, respectively.
On Saturday, range-bound trading was seen as the rupee held its overnight levels for buying and selling at 59.55 and 59.60.
OPEN MARKET RATES: On July four, the rupee maintained its tended lower with slight fall against the dollar buying and selling at 60.45 and 60.50, respectively.
Versus the euro, the rupee quoted at Rs 71.60 and Rs 71.80 for buying and selling, respectively.
On July five, the rupee did not show move any side versus the dollar for buying and selling at 60.45 and 60.50, dealers said.
The single European currency maintained its overnight levels versus the rupee for buying and selling at Rs 71.60 and Rs 71.80, respectively. On July six, the rupee did not show any change versus the dollar on the buying and selling counters at 60.45 and 60.50, respectively.
The local currency failed to show any improvement versus the euro, losing 30 paisa for buying and selling at Rs 71.90 and Rs 72.10.
On July seven, the rupee stuck in a tight range as it did not move any side for the last two days versus the euro, keeping the levels for buying and selling at Rs 71.90 and Rs 72.10. The rupee held its overnight levels versus the dollar for buying and selling at Rs 60.45 and Rs 60.50 on balanced demand and supply, dealers said.
On July eight, the rupee managed to hold its overnight levels versus the dollar for buying and selling at 60.45 and 60.50, respectively.
The rupee trimmed its losses, recovering the same amount for buying and selling at Rs 71.90 and Rs 72.10.
On July nine, the pound sterling and the euro gained versus the rupee on rising its value in the international markets, dealers said.
The euro picked up 30 paisa versus the rupee for buying and selling at Rs 72.20 and Rs 72.40, respectively. Pound sterling followed suit and rose by 25 paisa in term of the rupee for buying and selling at Rs 105.20 and 105.40 after recovering slightly in the world markets, money experts said.
The rupee, however, improved with marginal gain of one paisa in relation to the dollar for buying and selling at Rs 60.44 and Rs 60.48, respectively.
INTERNATIONAL DOLLAR OUTLOOK: The dollar held its firmness, showing persistent rise versus the pound sterling, euro and the yen on rising expectations that the Federal Reserve to continue the lifting of the US interest rates.
Secondly, the dollar held its firmness as sterling struggled near 19-month lows against the dollar, a day after it skidded lower following a series of fatal explosions in London.
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