The rupee maintained firm trend against the dollar during the week, ended on Dec 28, 2019. INTER-BANK MARKET RATES: The rupee gained 11 paisas against the dollar for buying and selling at Rs 155.00 and Rs 155.05.
OPEN MARKET RATES: The rupee followed the suit, picking up modestly in relation to the dollar for buying and selling at Rs 154.50 and Rs 154.90. The rupee, however, depreciated in terms of the euro for buying and selling at Rs 171.30 and Rs 173.00.
Marketmen attributed the firm trend in the market to comfortable supply of the dollar also said that the rupee may maintain steady trend the coming days.
They said that country's foreign exchange reserves showed an increase of $14 million to $10,907.3 million, resulting the rupee may improve it's value in terms of the dollar.
At a time, during the week, the dollar's demand increases as the currency market re-opened after one-day holiday on account of 144th birth anniversary of the Father of Nation, Mohammad Ali Jinnah.
The foreign exchange reserves showed an increase of $14 million to $10,907.3 million in the week ending Dec 20, compared to $10,892.9 million in the previous week, the State Bank of Pakistan (SBP) said last Thursday.
INTER-BANK MARKET RATES: On Monday, the rupee did not move any side against the dollar for buying and selling at Rs 154.89 and Rs 154.91.
On Tuesday, the rupee was unchanged against the dollar for buying and selling at Rs 154.89 and Rs 154.91.
On Wednesday, the currency market was closed due to a holiday on account of 144th birth anniversary of the Father of Nation, Mohammad Ali Jinnah.
On Thursday, the rupee shed five paisas versus the dollar for buying and selling at 155.05 and Rs 155.10. On Friday, the rupee gained five paisas against the dollar for buying and selling at Rs 155.00 and Rs 155.05.
OPEN MARKET RATES: On Dec 23, the rupee held the last level versus the dollar for buying at Rs 154.70 while it gained 10 paisas for selling at Rs 155.00, they said. The rupee was unchanged in terms of the euro for buying and selling at Rs 170.50 and Rs 172.00, respectively.
On Dec 24, the rupee gained 10 paisas in relation to the dollar for buying and selling at Rs 154.60 and Rs 154.90, they said. The rupee did not show any change in terms of the euro for buying and selling at Rs 170.50 and Rs 172.00, they said. On Dec 25, the money markets were closed due to holiday. On Dec 26, the rupee shed 10 paisas for buying and selling at Rs 154.70 and Rs 155.10.
On Dec 27, the rupee also picked up 10 paisas in relation to the dollar for buying and selling at Rs 154.60 and Rs 155.00, they said. The rupee dropped Re.one in terms of the euro for buying and selling at Rs 171.60 and Rs 173.10.
On Dec 28, the rupee extended overnight winning streak in relation to the dollar, picking up 10 paisas for buying and selling at Rs 154.50 and Rs 154.90. The rupee also rose by 30 paisas in terms of the euro for buying and selling at Rs 171.30 and Rs 173.00.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar held firm at the start of a holiday-thinned week on Monday, as US data pointed to solid economic growth while the British pound bounced slightly after having suffered its biggest weekly fall in three years.
Gross domestic product increased at a 2.1% annualised rate, the Commerce Department said in its third estimate of third-quarter GDP. That was unrevised from November's estimate.
That contrasted with an unexpected deterioration in German consumer sentiment.
The euro stood at $1.10778, little changed on the day but in retreat since it hit a four-month high of $1.12 on Dec. 13.
The dollar index was at 97.659, flat on the day but maintaining its recovery trend since hitting a five-month low of 96.605 on Dec. 12.
The dollar was available against the Indian rupee at Rs 71.150, the greenback was at 4.142 in terms of the Malaysian ringgit and the US currency was at 7.012 versus Chinese yuan
In the second Asian trade, the Australian dollar held firm on Tuesday near a 4-1/2-month peak on optimism about US-China trade relations, while the British pound was on the defensive as worries resurfaced about a chaotic departure from the European Union.
The Australian dollar fetched $0.69175 flat in Asia but within striking distance of its Dec. 13 peak of $0.6939, its highest level since late July. The currency has gained over 1% in the past four sessions.
China said on Monday it will lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year as Beijing looks to boost imports amid a slowing economy and a trade war with the United States.
The euro stood almost flat at $1.1087 while the yen was little changed at 109.40 yen per dollar. The dollar index stood at 97.689, off Monday's high of 97.820.
The dollar was trading against the Indian rupee at Rs 71.220, the greenback was at 4.138 in terms of the Malaysian ringgit and the US currency was available at 7.010 versus the Chinese yuan.
In the third Asian trade, international market was closed due to Christmas holiday on Wednesday.
In the fourth Asian trade, the dollar edged up slightly against the yen while risk-sensitive currencies held firm on Thursday, buoyed by optimism of easing trade tensions between the United States and China and signs of recovering global growth.
Beijing said on Wednesday it is in close touch with Washington on a trade deal signing ceremony, a day after US President Donald Trump said that he and Chinese President Xi Jinping will have a ceremony to sign the recently struck trade deal.
Against the yen, the dollar rose 0.2% to 109.54 yen and within striking distance of a six-month high of 109.73 touched earlier this month. The euro barely moved at $1.10905.
The Australian dollar held firm at $0.6927, a shade below its four-month peak of $0.6939 touched earlier this month while the kiwi traded at $0.6648, near its highest level in five months.
Global currency markets remained in holiday mood following Christmas Day on Wednesday and with several centres still closed on Thursday.
However, traders have taken a positive lead after Washington and Beijing struck an interim agreement on trade earlier this month, which is expected to continue to underpin risk assets.
The dollar was trading against the Indian rupee at Rs 71.255, the US currency was available at 4.134 versus the Malaysian ringgit and the greenback was 6.994 in terms of the Chinese yuan.
In the fourth Asian trade, the dollar hovered near a six-month high versus the Japanese yen while the Australian dollar climbed to its strongest since July on Friday, buoyed by easing Sino-US trade tensions.
The optimism around prospects for a Phase 1 trade deal reduced demand for safe-haven currencies such as the yen, but with global currency markets in a holiday mood after Christmas Day on Wednesday, overall trading activity was mostly subdued.
Beijing said on Wednesday it is in close touch with Washington on a trade deal signing ceremony, a day after US President Donald Trump said he and Chinese President Xi Jinping will have a ceremony to sign the agreement.
Overnight, the dollar rose to as high as 109.68 yen against the safe-haven Japanese currency, a one-week high and not far from 109.73 yen, its late May peak brushed earlier this month. In late Asian trade, the pair was last quoted at 109.50 yen, down 0.1% on the day.
The dollar was trading against the Indian rupee at Rs 71.265, the greenback was at 4.129 in terms of the Malaysian ringgit and the US currency was available at 6.999 versus the Chinese yuan.
In the final US trade, the dollar The US dollar weakened across the board on Friday as optimism about the outlook for a US-China trade deal lifted investors' appetite for risk, sapping safe-haven demand for the greenback, in light end-year trading. The dollar index, which measures the greenback against six other major currencies, was 0.6% lower at 96.951.
Earlier, US President Donald Trump had talked up a signing ceremony for the recently struck Phase one trade deal.
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