The rupee fell modestly against the dollar in the open market, while, the national currency did not show any change in the interbank market during the week, ended on January 16, 2016. In the interbank market, the rupee depicted no change in relation to the dollar for buying and selling at Rs 10493 and Rs 104.95.
In the open market, the rupee drifted lower by 20 paisas versus the dollar for buying and selling at Rs 106.10 and Rs 106.30, the rupee also lost 40 paisas in terms of the euro for buying and selling at Rs 116.00 and Rs 117.00.
Some analysts, commenting on the performance of the rupee during the week, said that the local currency halted the sharp losses due to availability of the dollars.
The said that the rupee is likely to sustain its present levels in relation to the dollar as a result of recent move by the State Bank of Pakistan (SBP), in which it has extended the deadline for imports of dollars from Dubai in exchange of foreign currencies up to April.
In the meantime, according to the central bank report, foreign investment dropped by 49 percent.
INTERBANK MARKET RATES: On Monday, the rupee was unchanged against the dollar for buying and selling at Rs 104.93 and Rs 104.95. On Tuesday, the rupee almost held the overnight levels against the dollar for buying and selling at Rs 104.93 and Rs 104.94. On Wednesday, the rupee almost held the overnight levels against the dollar for buying and selling at Rs 104.93 and Rs 104.94. On Thursday, the local currency was firm, showing no big fluctuations versus the dollar for buying and selling at Rs 104.93 and Rs 104.95.
The rupee inched up by two paisas against the dollar for buying at Rs 104.91 and it rose by one paisa for selling at Rs 104.93.
OPEN MARKET RATES: On January 11, the rupee shed 10 paisas against the dollar for buying and selling at Rs 105.90 and Rs 106.10, they added. The rupee, however, gained 15 paisas in relation to the euro for buying and selling at Rs 115.60 and Rs 116.60, they added. On January 12, the rupee followed same pattern, showing no change versus the dollar for buying and selling at Rs 106.00 and Rs 106.20.
The rupee, however, gained 30 paisas in relation to the euro for buying and selling at Rs 115.30 and Rs 116.30.
On January 13, the rupee was unchanged in relation to the dollar for buying and selling at Rs 106.00 and Rs 106.20 respectively, but it gained 10-paisa against the euro for buying and selling at Rs 115.20 and Rs 116.20.
On January 14, the rupee shed 10 paisas versus the dollar for buying and selling at Rs 106.10 and Rs 106.20. The rupee also lost 80 paisas in relation to the euro for buying and selling at Rs 116.00 and Rs 117.00.
On January 15, the rupee retained the overnight level versus the dollar for buying at Rs 106.10 while it lost 10 paisas for selling at Rs 106.30. The rupee, however, gained in relation to the euro, picking up 20 paisas for buying and selling at Rs 115.80 and Rs 116.80.
On January 16, the rupee retained the overnight level versus the dollar for buying and selling at Rs 106.10 and Rs 106.30. While, the rupee dropped 20 paisas in terms of the euro for buying and selling at Rs 116.00 and Rs 117.00.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the safe haven yen eased against the dollar after China's central bank set a stronger guidance rate for the yuan, soothing fears that Beijing is trying to weaken its currency to gain a competitive export advantage.
China's yuan firmed on Monday after the central bank set the daily midpoint rate higher for a second day, after allowing it to weaken for eight consecutive sessions.
For now, the higher guidance rate helped calm market fears that Beijing may want to engineer a sharper devaluation, said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore.
The dollar was trading against the Indian rupee at Rs 66.81, the US currency was available at 4.4000 and the greenback was at 6.5820.
Inter bank buy/sell rates for the taka against the dollar on Monday: 78.50-78.50 (previous 78.50-78.50).
In the second Asian trade, the dollar edged down against the euro and yen in Asian trade, moving back toward a more than four-month low against the perceived safe-haven Japanese currency as crude oil prices continued to tumble.
Crude oil futures approached a 20 percent drop since the beginning of the year, with both US crude and global benchmark Brent down more than 1 percent. China set another firm fix for its currency and stepped up a verbal campaign to convince markets it remains in control. But the yuan slipped slightly in early trade despite what dealers called aggressive intervention to support the currency. The euro added about 0.2 percent to $1.0876.
The dollar was trading against the Indian rupee at Rs 66.88, the US currency was at 4.4000 in terms of the Malaysian ringgit and the greenback was at 6.5741 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Tuesday: 78.50-78.50 (previous 78.50-78.50).
In the third, the Australian and New Zealand dollars regained some ground on Wednesday after better-than-expected Chinese trade helped assuage, at least for now, concerns about the world's second largest economy. The Australian dollar was squeezed 0.6 percent higher to $0.7027, pulling away from the four-month low of $0.6927 touched on Monday. It rallied around 1 percent against the safe-haven.
The dollar was trading against the Indian rupee at Rs 66.75, the US currency was at 4.3845 in terms of the Malaysian ringgit and the greenback was at 6.5790 in relation to the Chinese yuan.
In the fourth Asian trade, the Canadian dollar wallowed at a 12-year trough following another slide in oil prices, while sterling was pinned near a 5-1/2 year low ahead of the Bank of England's first policy review of the year.
Sentiment also soured for the greenback, which retreated from a one-week high against a basket of major currencies as US stocks sank to fresh three-month lows. The dollar index last stood at 98.901, having been as high as 99.333. Against the yen, the greenback bought 117.63, down from 118.38. The euro rebounded to $1.0882, from $1.0805.
The dollar was trading against the Indian rupee at Rs 67.11, the greenback was at 4.3910 in terms of the Malaysian ringgit and the US currency was at 6.5893 against the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday: 78.50-78.50 (previous 78.50-78.50).
In the final Asian trade, the dollar edged down in Asian trade, erasing its early gains as slumping crude oil futures and Chinese shares eroded investors' appetite for risk, though it remained well above the week's lows and on track to end a volatile week modestly higher.
The greenback was about 0.1 percent lower against the Japanese currency at 117.91 yen, but still up about 0.4 for the week and holding above a four-month trough of 116.70 plumbed on Monday.
The dollar was trading against the Indian rupee at Rs 67.40, the greenback was at 4.3750 versus the Malaysian ringgit and the US currency was at 6.5867 in relation to the Chinese yuan.
At the week-end, the dollar tumbled to a near five-month low against the yen and a 2-1/2-week trough versus the euro on Friday, hammered by a combination of poor risk appetite arising from a renewed drop in oil prices and weak US economic data.
The downbeat economic numbers along with the meltdown in oil and stocks could further slow the pace of the Federal Reserve's already gradual tightening policy, a negative scenario for the dollar. The dollar index, which measures the greenback against a basket of six other major currencies, was down 0.2 percent at 98.933.
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