The rupee drifted lower against the dollar on the money market during the week, ended on March 31, 2018. In the open market, the rupee lost Rs 1.30 in relation to the dollar for buying and selling at Rs 115.70 and Rs 116.20. The rupee shed 70 paisas in relation to the euro for buying and selling at Rs 141.00 and Rs 142.80.
In the inter-bank market, the rupee moved in a tight range in terms of the dollar for buying and selling at Rs 115.48 and Rs 115.51. The rupee managed to halt sharp fall versus the dollar due to slight improvement in supply of the US currency, currency experts observed.
The State Bank of Pakistan (SBP) kept the policy rate unchanged at 6 percent, they said and adding that uncertainties are hovering over the rising fears of trade war. The dollar supply may not improve sharply in the coming days, they said.
OPEN MARKET RATES: On Monday, the rupee drifted lower by 20 paisas in relation to the dollar for buying and selling at Rs 114.40 and Rs 115.40, they said. The rupee dropped sharply verses the euro for buying and selling at Rs 140.30 and Rs 142.00, they added.
On Tuesday, the rupee fell by 30 paisas in relation to the dollar for buying and selling at Rs 114.70 and Rs 115.70. The rupee adopted the same path in relation to the euro, shedding 40 paisas for buying and selling at Rs 140.60 and Rs 142.40.
On Wednesday, the rupee dipped in relation to the dollar, losing Re one for buying at Rs 115.70 and it shed 50 paisas for selling at Rs 116.20. The rupee also dropped by 60 paisas in relation to the euro for buying and selling at Rs 141.20 and Rs 143.00.
On Thursday, the rupee managed to pick up 20 paisas in relation to the dollar for buying and selling at Rs 115.80 and Rs 116.30. The rupee also rose by 50 paisas in relation to the euro for buying and selling at Rs 141.00 and Rs 142.80.
On Friday, the rupee managed to pick up 20 paisas in relation to the dollar for buying and selling at Rs 115.80 and Rs 116.30, they said. The rupee also rose by 50 paisas in relation to the euro for buying and selling at Rs 141.00 and Rs 142.80.
INTER-BANK MARKET RATES: on Mar 26, the rupee shed 15 paisas in terms of the dollar for buying at Rs 115.45, while the national currency stayed put for selling at Rs 115.50. On March 27, the rupee slipped by three paisas in terms of the dollar for buying at Rs 115.48, while the national currency did not move any side for selling at Rs 115.50, they said.
On March 28, the rupee moved in a tight range in terms of the dollar for buying and selling at Rs 115.49 and Rs 115.51, they said. On March 29, the rupee fluctuates slightly in terms of the dollar for buying and selling at Rs 115.48 and Rs 115.51, they said. In the first Asian trade, the dollar slipped to a 16-month low against the yen on Monday, pressured by lingering fears of a global trade war and a political crisis that has engulfed Japanese Prime Minister Shinzo Abe. The US currency traded at 104.955 yen after falling to 104.560, its weakest since November 2016.
The dollar had already slumped 1.2 percent versus its Japanese peer last week as escalating trade tensions between the United States and China stoked concerns about global growth. Global markets were shaken after US President Donald Trump moved to impose tariffs on Chinese goods, edging the world's two largest economies closer to a trade war.
Views that Japan's political scandal could deepen was also seen lifting the yen, with a key figure in a cronyism controversy gripping Abe due to testify in parliament on Tuesday. The dollar was trading against the Indian rupee at Rs 64.905, the greenback was at 3.903 in relation to the Malaysian ringgit and the US currency was available at 6.314 in terms of the Chinese yuan.
In the second Asian trade, the safe haven Japanese yen sagged on Tuesday as optimism that the United States and China could begin negotiations on trade helped ease concerns about a trade war, reviving demand for riskier assets. Global markets were shaken last week after US President Donald Trump moved to impose tariffs on Chinese goods and Beijing threatened similar measures, sparking fears of a trade war between the world's two largest economies.
But reports of behind-the-scenes talks between the United States and China have eased concerns for now that global trade frictions could escalate out of control, with traders hoping any actual US measures will be much more modest than first announced.
The dollar was available against the Indian rupee at Rs 64.810, the greenback was at 3.871 versus the Malaysian ringgit and the US currency was trading at 6.261 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 82.96-82.96 (Previous 82.96-82.96).
In the third Asian trade, the dollar stalled on Wednesday as global trade tensions remained elevated, with US President Donald Trump discussing joining forces with Germany to counter China's economic practices. The dollar index, which measures the greenback versus a group of six major currencies, dipped 0.1 percent to 89.291.
It had gained about 0.34 percent overnight, pulling away from a five-week low of 88.942. The dollar recovered slightly on hopes that negotiations between the United States and China would produce a compromise and avoid a full-blown trade war. But the White House said that Trump had discussed trade practices with China in calls on Tuesday with French President Emmanuel Macron and German Chancellor Angela Merkel, which could lead to an escalation of trade tensions.
The dollar was available against the Indian rupee at Rs 64.948, the greenback was at 3.857 versus the Malaysian ringgit and the US currency was trading at 6.278 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 82.96-82.96 (Previous 82.96-82.96). In the fourth Asian trade, the dollar eased against the yen on Thursday, losing some momentum after hopes of detente in East Asia provided the spark for its largest daily gain in six months the previous session.
The dollar fell 0.3 percent to 106.52 yen, giving back some gains after having surged 1.43 percent on Wednesday, its biggest rise since Sept. 11 of last year. China said on Wednesday North Korea's leader Kim Jong Un pledged his commitment to denuclearisation while US President Donald Trump tweeted that Kim looked forward to meeting with him. The dollar was available against the Malaysian ringgit at 3.867
and the greenback was trading versus the Chinese yuan at 6.294 Inter bank buy/sell rates for the taka against the dollar on Thursday: 82.96-82.96 (Previous 82.96-82.96). In the final Asian trade, the dollar stalled against its peers on Friday as the recovery seen earlier this week petered out ahead of the new quarter, which could potentially bring renewed pressure on the greenback.
Against a basket of six other major currencies, the dollar was off 0.2 percent to 89.985. The index was up nearly 0.6 percent for the week, during which it touched a one-week high of 90.178 on factors including easing of concerns over global trade protectionism and perceived progress on North Korea's nuclear programme. The dollar index was down more than 2 percent for the quarter, its fifth straight quarter of declines.
The dollar was trading against the Malaysian ringgit at 3.857 and the US currency was available at 6.280 versus the Chinese yuan. The New York markets were closed in observance of Good Friday.
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