The rupee fell modestly against the dollar and euro on the local currency market, during the week, ended on February 21, 2015. In the interbank market, the rupee dropped by 25 paisa versus the dollar for buying at Rs 101.75 and it also lost 30 paisa for selling at Rs 101.80.
In the open market, the rupee lost 50 paisa in relation to the dollar for buying and selling at Rs 101.70 and Rs 101.90. The rupee drifted lower in terms of the euro, falling 50 paisa for buying and selling at Rs 115.50 and Rs 115.75.
Some experts were of the opinion that slight rise was seen in the dollar, which caused decline in the value of the local currency. Country's foreign exchange reserves went up, the current account deficit rose 2.3 billion dollars in the last seven months of the current fiscal year, they added.
INTER-BANK MARKET RATES: On Monday, the rupee drifted lower versus the dollar modestly, slipping by five paisa for buying at Rs 101.50 and it also shed two paisa for selling at Rs 101.52. On Tuesday, the rupee continued showing weakness in terms of the dollar, losing seven paisa for buying and selling at Rs 101.57 and Rs 101.59. On Wednesday, the rupee held the overnight levels versus the dollar for buying and selling at Rs 101.57 and Rs 101.59. On Thursday, the rupee dropped 10 paisa in relation to the dollar for buying and selling at Rs 101.67 and Rs 101.69. On Friday, the rupee drifted lower against the dollar, losing nine paisa for buying and selling at Rs 101.75 and Rs 101.80.
OPEN MARKET RATES: On February 16, the rupee showed no variation in terms of the dollar for buying and selling at Rs 101.40 and Rs 101.60. While, the local currency dropped by 10 paisa against the euro for buying and selling at Rs 115.10 and Rs 115.35. On February 17, the rupee remained firm in relation to the dollar for buying and selling at Rs 101.40 and Rs 101.60. While, the local currency lost 65 paisa against the euro for buying and selling at Rs 115.75 and Rs 116.00. On February 18, the rupee drifted lower in relation to the dollar, losing 10 paisa for buying and selling at Rs 101.50 and Rs 101.70. The local currency, however, gained 75 paisa in terms of the euro for buying and selling at Rs 115.00 and Rs 115.25.
On February 19, the rupee adopted the same path on the open market, depicting same loss in terms of the greenback for buying and selling at Rs 101.60 and Rs 101.80. Incidentally, the local currency lost 50 paisa versus the euro for buying and selling at Rs 115.50 and Rs 115.75.
On February 20, the rupee also shed 10 paisa in terms of the greenback for buying and selling at Rs 101.70 and Rs 101.90. The local currency recovered it's overnight losses, gaining 50 paisa versus the euro for buying and selling at Rs 115.00 and Rs 115.25.
On February 21, the rupee sustained the overnight levels in terms of the greenback for buying and selling at Rs 101.70 and Rs 101.90.
The rupee surrendered its gains versus the euro, losing 50 paisa for buying and selling at Rs 115.50 and Rs 115.75.
OVERSEAS OUTLOOK FOR DOLLARS: In the first Asian trade, the euro edged up on hopes that Greece and eurozone finance ministers will find common ground to support Greece beyond the expiry of the current bailout programme at the end of February.
Ahead of eurozone finance ministers' meeting on Monday, Greece said it was confident of reaching agreement in negotiations with its eurozone partners, while reiterating it would not accept harsh austerity strings in any debt pact.
The dollar was trading against the Indian rupee at Rs 62.18, the greenback was at 3.5745 in terms of the Malaysian ringgit and the US currency was available at 6.247 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Monday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 07.00-09.00 percent (Previous 07.00-09.00 percent.
In the second and third Asian trade, the euro skidded after a collapse in talks to secure a new debt deal for Greece kept markets guessing about the next chapter in the nerve-wracking saga as Athens tries to secure improved terms with its creditors.
The common currency was little changed at $1.1365, after slipping from Monday's high of $1.1429 and back near the bottom of its prevailing $1.1270-1.1534 range. Trading overnight was relatively light with US markets shut for a public holiday.
The dollar was trading against the Indian rupee at Rs 62.16, the greenback was at 3.5875 in terms of the Malaysian ringgit and US currency was available at 6.253 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Tuesday. 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 07.00-09.00 percent (Previous 07.00-09.00 percent).
In the fourth Asian trade, the dollar fell against the yen and euro on Thursday, paring gains after minutes of January's Federal Reserve policy meeting showed officials were concerned about hiking interest rates too soon.
The greenback shed 0.2 percent to 118.58 yen after coming down from a peak of 119.41 overnight. The dollar index added to losses and was down 0.3 percent at 93.940 but managed to keep above this week's trough of 93.801.
Inter bank buy/sell rates for the taka against the dollar on Thursday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 07.00-09.00 percent (Previous 07.00-09.00 percent).
In the final Asian session, the dollar held firm on Friday after upbeat US jobless claims data made views swing back in favour of an earlier rate hike by the Federal Reserve, while the euro stayed under pressure ahead of a crunch meeting on Greece's bailout programme. The dollar index stood at 94.367, having gained 0.2 percent on Thursday as traders put their focus back on the relative strength of the US economy.
The dollar was trading against the Indian rupee at Rs 62.24, the greenback was available at 3.6180 versus the Malaysian ringgit and the US currency was at 6.255 in terms of the Chinese yuan.
At the week-end, the euro gained against the US dollar after eurozone ministers agreed to extend Greece's financial rescue package by four months.
The agreement removed the immediate threat that Greece could run out of money next month and be forced out of the single currency area. The new leftist-led Athens government now can try to negotiate longer-term debt relief with official creditors.
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