The rupee fell modestly against the dollar in the interbank market, but resisted a slide in its value in the open market during the week ended on December 8. In the interbank market, the national currency lost 20 paisa against the dollar, valued at 96.72 at buying counters. It also shed 22 paisa, selling at 96.74.
In the open market, the value of rupee remained unchanged against the dollar, buying and selling at 97.2 and 97.4, respectively. The rupee, however, gained 40 paisa versus the euro, buying and selling at Rs125 and Rs126.
The President of the Exchange Companies Association of Pakistan said that the rupee resisted sharp losses against the dollar during the last week, adding that the national currency is likely to retain its value amid a wait-and-see attitude adopted by both buyers and sellers ahead of closing sessions of the calendar year.
He said that the government might take "bold and objective measures" that would help stabilise the value of the rupee versus dollar.
In the past, he said, it was noted that the rupee struggled hard to halt losses and traded within a barrier of 97 in the interbank market, adding that it might retain its current value in the near future.
Other analysts, however, said that the situation was likely to become clearer in January next year, adding that it remained to be seen how the rupee moved against the dollar in the absence of a normal law and order situation, unstable domestic economic situation ahead of the general elections.
INTER-BANK MARKET RATES: On Monday, the rupee gained eight paisa against the dollar, buying at Rs96.52. It also picked 10 paisa, selling at 96.56.
On Tuesday, the rupee shed eight paisa against the dollar, buying at Rs96.6. It also lost seven paisa, selling at 96.63. On Wednesday, the rupee continued its slide against the dollar, losing four paisa at buying and selling counters, settling at 96.64 and 96.67, respectively.
On Thursday, the rupee gained four paisa versus the dollar, buying at 96.6. Its value also increased by two paisa to 96.65at selling counters.
On Friday, the rupee lost 12 paisa against the dollar, buying at 96.72. It also fell by nine paisa at selling counters, settling at 96.74.
OPEN MARKET RATES: On December 3, the rupee appreciated by 15 paisa against the dollar, buying and selling at 97.2 and 97.4, currency dealers said. The national currency, however, dipped by 20 paisa against the euro for buying and selling at Rs125.4 and Rs126.4, they said.
On December 4, the rupee, in sympathy with interbank trend, shed five paisa versus the dollar for buying and selling at 97.25 and 97.45.
The national currency also fell in relation to the euro, losing 20 paisa for buying and selling at Rs125.6 and Rs126.6.
On December 5, the rupee rose by five paisa versus the dollar for buying and selling at 97.2 and 97.4, they said. The rupee's downward trend against the euro continued as it lost 60 paisa, buying and selling at Rs126.2 and Rs127.2, respectively. On December 6, the rupee, however, rose by five paisa versus the dollar, buying and selling at 97.2 and 97.4, respectively, they said.
On December 7, the rupee shed five paisa versus the dollar, buying and selling at 97.25 and 97.45, respectively. The rupee, however, gained a rupee against the euro, buying and selling at Rs125.2 and Rs126.2, respectively.
On December 8, the rupee gained five paisa versus the dollar, buying and selling at 97.2 and 97.4, respectively. The rupee also picked up 25 paisa against the euro, buying and selling at Rs125 and Rs126.
OVERSEAS MARKET OUTLOOK: In the first Asian trade, the euro hit a six-week high against the dollar on Monday as upbeat data on the Chinese economy boosted risk sentiment, reversing earlier losses triggered by a credit downgrade of the euro zone rescue funds late last week. Despite encouraging Chinese manufacturing surveys, however, the Australian dollar dipped as disappointing local retail sales cemented expectations that the Reserve Bank of Australia will cut interest rates on Tuesday.
The dollar was trading against the Indian rupee at Rs54.54 and the US currency was valued at 3.0410 against the Malaysian ringgit.
Inter bank buy/sell rates for the Bangladesh taka against the dollar on Monday: 81.28-81.35 (previous 81.26-81.37). Call Money Rates: 07.75-08.00 percent (previous 06.00-08.50 percent).
In the second Asian trade, the dollar and euro slipped against a resurgent yen on Tuesday after US manufacturing activity hit a three-year low in November, while the Australian dollar held its gains after the Reserve Bank of Australia cut its cash rate in line with expectations. Data released on Monday by the Institute for Supply Management (ISM) showed US manufacturing activity surprisingly contracted in November, dropping to its lowest level in more than three years.
The dollar was trading against the Indian rupee at Rs 54.94 and the greenback was travelling versus the Malaysian ringgit at 3.0410.
Inter bank buy/sell rates for the taka against the dollar on Tuesday: 81.2000-81.3150 (previous 81.28-81.35). Call Money Rates: 07.75-08.00 percent (previous 06.00-08.50 percent).
In the third Asian trade, the euro climbed to a seven-week high against the dollar, boosted by efforts to tackle the debt problems of Greece and Spain, while the dollar came under pressure from expectations of new bond buying by the Federal Reserve.
The single European currency could soon test its September peak, although many traders are not convinced it has enough traction to make a clean break from that level, given the fragile state of the euro zone economies. The dollar was trading against the Indian rupee at Rs 54.54, the greenback was at 3.0425 versus the Malaysian at 3.0430 and the US currency was available at 6.2242in in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday: 81.00-81.16 (previous 81.20-81.3150). Call Money Rates: 07.75-08.00 percent (previous 06.00-08.50 percent).
During fourth Asian session, the euro slipped, moving further away from both a seven-week high against the dollar and a 7-1/2-month high against the yen hit in the previous session, as investors awaited a European Central Bank policy meeting.
The ECB is widely expected to keep rates on hold at 0.75 percent at its policy meeting on Thursday.
The dollar was trading against the Indian rupee at Ea 54.53, the greenback was at 3.0445 versus the Malaysian rigggit and the US currency was trading at 6.2282 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 81.00-81.01 (previous 81.00-81.16) Call Money Rates: 07.75-08.00 percent (previous 06.00-08.50 percent).
In the final Asian trade, the euro languished at one-week lows against the greenback, having suffered a major setback after the ECB painted a bleak outlook for the euro zone and discussed cutting interest rates. The single European currency fell nearly 1 percent to $1.2950, posting its biggest one-day loss in a month and retreating from a seven-week peak of $1.3127 set mid-week.
The dollar was trading against the Indian rupee at Rs 54.14, the greenback was at 3.0520 versus the Malaysian rigggit and the US currency was at 6.230 in relation to the Chinese yuan.
At the week-end, the dollar edged higher against the euro on Friday after a government report showed US employment grew more than expected in November, but the less-encouraging details limited gains.
The dollar had soared immediately after the data as the stronger-than-expected headline number stoked speculation the Federal Reserve could opt for a smaller stimulus program next week. But it pared gains versus the euro and turned slightly lower against the yen as traders scrutinised the details.
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