The rupee drifted lower against the dollar on the currency market amid shorthand week, ended on July 16 due to Eid-ul-Fitr holidays. On the interbank market, the rupee shed six-paisa versus the dollar for buying and selling at Rs 101.78 and Rs 101.80. On the open market, the rupee lost 55-paisa in relation to the dollar for buying and selling at Rs 103.25 and Rs 103.50, the rupee, however, gained Rs 1.10 in terms of the euro for buying and selling at Rs 111.60 and Rs 112.60.
In the beginning sessions of the week, the rupee sustained its levels due to easy supply of dollars. Reports showing that country's remittances from overseas Pakistanis hit a record 18.5 billion dollar, but surprisingly, despite the high remittances and high reserves, the country is still facing current account deficit. But in pre-holiday session, the rupee tumbled with losses owing short supply of dollars. The Forex Association of Pakistan (FAP) chairman Malik Bostan said that dollar gained ground on the back of short supply from Saudi Arabia and Dubai. Markets were closed due to Eid-ul-Azha holidays. He said that rupee to recover its lost ground when markets will reopen in Middle East.
Other experts said that some rules in banking system also pushed the dollar higher amid pre-holiday sessions.
INTER-BANK MARKET RATES: On Monday, the rupee shed three-paisa in terms of the dollar for buying and selling at Rs 101.72 and Rs 101.74. On Tuesday, the rupee almost sustained its overnight levels in terms of the dollar for buying and selling at Rs 101.74 and Rs 101.75.
On Wednesday, the rupee inched up by two paisa against the dollar for buying and selling at Rs 101.72 and Rs 101.73, and on Thursday, the rupee followed same print, losing six paisa against the dollar for buying and selling at Rs 101.78 and Rs 101.80.
OPEN MARKET RATES: On July 13, the rupee, however, lost 15-paisa against the dollar for buying and selling at Rs 102.70 and Rs 102.90. It gained Re one versus the euro for buying and selling at Rs 112.50 and Rs 113.50.
On July 14, the rupee, however, lost 10-paisa against the dollar for buying and selling at Rs 102.80 and Rs 103.00, while it did not move any side versus the euro for buying and selling at Rs 112.50 and Rs 113.50.
On July 15, the rupee, however, depreciated by 20-paisa in terms of the dollar for buying and selling at Rs 103.00 and Rs 103.30, while it did not move any side versus the euro the second day for buying and selling at Rs 112.50 and Rs 113.50. On July 16, the rupee hit low at Rs 103.50 versus the dollar, losing 25 paisa for buying and selling at Rs 103.25 and Rs 103.50, while it gained 90-paisa in relation to the euro for buying and selling at Rs 111.60 and Rs 112.60.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the euro fell, hurt by uncertainty over whether a near-bankrupt Greece can secure more funding as its European partners demanded tough reforms in return for throwing a life-line to the debt-strapped nation. The euro last traded at $1.1145, down 0.2 percent on the day. Earlier on Monday, it had slid as far as $1.1090, having stood at $1.11625 in late US trade on Friday. The dollar was trading against the Indian rupee at Rs 63.47, the greenback was at 3.7990 versus the Malaysian ringgit and the US currency was at 6.2085 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Monday: 77.80-77.80. Call Money Rates: 05.25-6.50 percent. In the second Asian trade, the dollar strengthened against the yen and euro after Greece finally agreed to a debt deal with its creditors, allowing market focus to shift back towards US and European yield differentials. The greenback performed well against its Japanese peer, which lost its safe-haven appeal with the worst-case-scenario of Greece exiting the euro seemingly averted. The dollar was steady at 123.46 yen after touching a 12-day high of 123.74 yen, having pulled away from a near two-month low of 120.41 struck last week. The dollar was trading against the Indian rupee at Rs 63.52, the greenback was available at 3.8050 in terms of the Malaysian ringgit and the US currency was at 6.208 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 77.80-77.80. Call Money Rates: 05.25-6.50 percent.
In the third Asian trade, the dollar steadied against the euro and yen as it awaited fresh cues from a US Congressional appearance by Federal Reserve Chair Janet Yellen later in the session.
Yellen provided dollar bulls with food for thought Friday by saying she expected a rate hike at some point this year, and investors will have a chance to hear her latest thinking at the semi-annual testimony. The euro, which has lost 1.5 percent this week, was little changed at $1.1001. As the deal between Athens and its creditors consigned the Greek debt saga to the back burner, focus has shifted back onto differentials between US yields and those in Europe and Japan. The dollar was steady at 123.43 yen, hovering close to a two-week high of 123.74 scaled overnight. The dollar was trading against the Indian rupee at Rs 63.41, the greenback was at 3.8035 in terms of the Malaysian ringgit and the US currency was available at 6.2089. In the fourth Asian trade, the euro edged lower after Greece's parliament approved the austerity plan demanded by its lenders, while the US dollar firmed as the Federal Reserve chief did not waver from her views that a rate hike was on the cards this year. The euro briefly ticked higher on the Greek news, but later sagged back down and touched a six-week low at $1.0912 at one point. The single currency last traded at $1.0930, down 0.2 percent on the day. The dollar was trading against the Indian rupee at Rs 63.50, the greenback was at 3.8060 in terms of the Malaysian ringgit and the US currency was at 6.2094 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday 77.80-77.80. Call Money Rates: 05.25-6.50 percent.
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