The rupee managed to hold on to its current levels against the dollar during the week ended on September 12, 2009. On the interbank market, the rupee moved down slightly against dollar and lost one paisa for buying and selling at 82.85 and 82.90.
On the open market, the rupee rose by 5 paisa versus dollar for buying and selling at 82.70 and 82.80. The rupee lost Rs 1.95 in terms of euro for buying and selling at Rs 119.80 and Rs 120.30.
The rupee went under pressure due to high demand for dollars. The importers showed interest in buying the US currency to meet import payments. This factor pushed the foreign exchange reserves down as according to the State Bank of Pakistan (SBP), the country's foreign exchange reserves fell to 14.24 billion dollars in the week ended on September 5 compared with 14.31 billion dollars previously.
INTER-BANK MARKET RATES: On Monday, the rupee moved down with small amount of one paisa versus dollar for buying and selling at 82.90 and 82.95.
On Tuesday, the rupee fell by 2 paisa versus dollar for buying at 82.92 and 1 paisa for selling at 82.96.
On Wednesday, the rupee managed to gain 2 paisa against dollar for buying at 82.90 and 1 paisa for selling at 82.95 in process of trading.
On Thursday, the rupee gained 10 paisa in relation to dollar for buying and selling at 82.80 and 82.85. On Friday, the rupee shed 5 paisa against dollar for buying and selling at 82.85 and 82.90.
On Saturday, the rupee shed 5 paisa against dollar for buying and selling at 82.90 and 82.95.
OVERSEAS MARKET OUTLOOK: In the first Asian trading, the dollar and yen were softer while the commodity-linked Australian dollar hit a one-year high after investors chose to focus on the brighter side of a mixed US payrolls report. In the second Asian trade, the yen rose broadly, while growth-linked currencies like the Australian and New Zealand dollars paused near one-year highs as investors trimmed buying positions.
In the third Asian trade, the dollar fell to its lowest in a year against the Australian and New Zealand dollars on Wednesday and hovered near its 2009 low against the euro, as investors sold the low-yielding greenback in a renewed shift to riskier assets.
The dollar also lost ground back towards the year's low against a basket of currencies, with talk of model fund selling on the greenback, while the yen slid, touching its lowest in a month against the Australian dollar and easing on the euro.
In the fourth Asian trade, the dollar hovered near its 2009 lows on Thursday as firm shares and commodity prices helped investor sentiment, while higher-yielding currencies eased on profit-taking after their recent rallies.
Investors booked gains in the Australian and New Zealand dollars, driving them down from this week's one-year highs, but the greenback remained in sight of key levels against the yen at 91.50 yen and a chart target around $1.4620 per euro.
In final Asian trade, the dollar fell to a one-year low against a basket of currencies after Chinese data came in stronger than expected and added to economic recovery hopes, prompting investors to keep shifting funds to riskier and growth-linked currencies.
The dollar dropped to a seven-month low against the yen and a one-year trough versus the New Zealand dollar. In the New York market, the yen firmed broadly at the week-end as a pullback in Wall Street shares and a drop in oil prices negated upbeat US consumer sentiment, rekindling safe-haven demand for the Japanese currency.
According to the reports, the US dollar is likely to remain under pressure in the week ahead with investors reluctant to make big bets in favour of the greenback until the US economy shows significant improvement, analysts said.
Though there is evidence that the US economy is recovering which may prompt investors to buy the dollar on expectations of better returns in US assets, for now investors are still trading on changes in risk tolerance.
OPEN MARKET RATES: On September 7, the rupee was up by 10 paisa versus dollar for buying and selling at 82.65 and 82.75, dealers said. The rupee fell versus the euro, dropping 10 paisa for buying and selling at Rs 117.90 and Rs 118.45.
On September 8, the rupee managed to hold its overnight level in relation to the dollar for buying and selling at 82.65 and 82.75. The rupee continued its weakness against the euro, losing 70 paisa for buying at Rs 118.60 and shedding 65 paisa for selling at Rs 119.10.
On September 9, the rupee for the second held its overnight level in relation to the dollar for buying and selling at 82.65 and 82.75. The rupee shed 15 paisa against the euro for buying and selling at Rs 118.70 and Rs 119.25.
On September 10, the rupee for the third day held its overnight level in relation to the dollar for buying and selling at 82.65 and 82.75. The rupee fell sharply against the euro, falling 85 paisa for buying 119.55 and it also came down with Re.one loss at Rs 120.45.
On September 11, the rupee dropped by 5 paisa versus the dollar for buying and selling at 82.70 and 82.80. The rupee moved both ways versus the euro, falling 5 paisa for buying at Rs 119.60 while it gained 35 paisa for selling at Rs 120.10. On September 12, the rupee was firm against the dollar for buying and selling at 82.70 and 82.80. The rupee drifter lower versus the euro, shedding 20 paisa for buying and selling at Rs 119.80 and Rs 120.30.
Comments
Comments are closed.