A persisting demand for dollar kept the rupee under pressure during the week, ended on 14 July, 2012. In interbank market, the rupee drifted lower versus dollar, losing 30 paisa for buying and selling at 94.35 and 94.40.
In the open market the rupee suffered sharp fall against dollar, falling Re.1 for buying and selling at 95.00 and 95.20. While the rupee retained levels in terms of the euro for buying and selling at Rs 115.80 and Rs 116.80.
Some major payments forced the rupee to give up its gains against dollar and if demand emerges for dollar, this factor may further depreciate the rupee.
According to the State Bank of Pakistan (SBP), as a result of rising demand for the greenback, country's foreign exchange reserves have dropped by 328 million dollars.
INTER-BANK MARKET RATES: On Monday, the rupee did not show any change against dollar for buying and selling at 94.05 and 94.10.
On Tuesday, the rupee lost 35 paisa against dollar for buying at 94.35 and the rupee shed 30 paisa for selling at 94.40.
On Wednesday, the rupee posted fresh gain of 15 paisa against dollar for buying and selling at 94.20 and 94.25.
On Thursday, the rupee gave up its climb, shedding 10 paisa in terms of the US currency for buying and selling at 94.30 and 94.35.
On Friday, the rupee extended its fall against dollar, losing five paisa for buying and selling at 94.35 and 94.40.
OPEN MARKET RATES: On July 9 the rupee gained 20 paisa in relation to dollar for buying and selling at 94.00 and 94.20. The rupee adopted the same pattern in terms of euro and rising same amount for buying and selling at 115.80 and Rs 116.80.
On July 10 the rupee drifted lower against dollar, losing 50 paisa for buying and selling at Rs 94.50 and 94.70. In terms of euro the rupee adopted the same pattern, giving up 40 paisa for buying and selling at 116.20 and Rs 117.20.
On July 11 the national currency managed to keep its overnight levels in relation to dollar for buying and selling at Rs 94.50 and 94.70, respectively. While in terms of euro the rupee shed 30 paisa for buying and selling at 116.50 and 117.50.
On July 12 the rupee was down in relation to dollar, falling 25 paisa for buying and selling at Rs 94.75 and 94.95. The rupee, however, picked up 30 paisa in relation to euro for buying and selling at 116.20 and Rs 117.20.
On July 13 the rupee followed same patter in terms of dollar, losing 35 paisa for buying and selling at Rs 95.10 and 95.30, respectively. The rupee, however, managed to gain 20 paisa against euro for buying and selling at 116.00 and Rs 117.00.
On July 14 the rupee gained 10 paisa in terms of dollar for buying and selling at Rs 95.00 and 95.20, respectively. The rupee also picked up 20 paisa against euro for buying and selling at 115.80 and Rs 116.80.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade euro steadied after dropping to a two-year low against dollar early on Monday, with little expected to emerge from a meeting of euro zone financial leaders later in the session.
The partially convertible Indian rupee closed at 55.92/93 as per the SBI closing rate, down from its Friday's close of 55.42/43.
Indian rupee fell to its lowest in more than a week on Monday after data showing a fall in inflation in China and weaker-than-expected US jobs growth data sent global risk assets lower.
Inter bank buy/sell rates for taka against dollar on Monday: 81.80-81.81 (previous 81.80-81.82) Call Money Rates: 7.00-12.00 percent (previous 6.50-12.00 percent). Spot yuan closed at 6.3714 per dollar, down from 6.3644 at Friday's close and within arm's reach of this year's low of 6.3827, hit on June 25.
In the second Asian trade euro fell and hovered near a two-year low on Tuesday after a meeting of euro zone finance ministers offered no positive surprises, while the Australian dollar sagged after disappointing Chinese import data.
Inter bank buy/sell rates for taka against dollar on Tuesday: 81.80-81.81 (previous 81.80-81.81) Call Money Rates: 7.00-12.00 percent (previous 7.00-12.00 percent).
In the third Asian trade euro steadied in Asian trade but hovered near two-year lows against dollar as investors fretted about the outcome of a German court hearing on the euro zone bailout fund, the latest obstacle to efforts to beat the region's debt crisis.
The dollar was trading versus the Indian rupee at Rs 55.31, versus the Malaysian ringgit dollar was trading at 3.1800 and the greenback was available in terms of the Chinese yuan 6.3654. Inter bank buy/sell rates for taka against dollar on Wednesday: 81.80-81.81 (previous 81.80-81.81). Call Money Rates: 7.00-11.00 percent (previous 7.00-12.00 percent). Spot yuan closed at 6.3659 per dollar on Tuesday, up from 6.3714 at Monday's close. The dollar was available against the Indian rupee at Rs 55.76 and versus the Malaysian ringgit dollar was at 3.1835.
In the fourth Asian trade dollar enjoyed a short-lived rise against yen on Thursday after the Bank of Japan refrained from easing policy but made a technical change to its asset buying programme. The BoJ stood pat as expected, despite moves in that direction last week by central banks in the euro zone, Britain and China. It held its key policy rate in a range of zero to 0.1 percent by a unanimous vote, though it did tweak its asset-buying and lending programme. The partially convertible Indian rupee closed at 55.93/94 as per the SBI closing rate, down from its Wednesday's close of 55.62/63. Inter bank buy/sell rates for taka against dollar on Thursday: 81.80-81.8025 (previous 81.80-81.81) Call Money Rates: 6.00-10.25 percent (previous 7.00-11.00 percent).
Spot yuan closed at 6.3733 per dollar, down slightly from Wednesday's close of 6.3686. Recently, the currency has persistently traded below the PBOC's midpoint, which is the base rate from which the PBOC allows the yuan to rise or fall one percent in a single day.
In the final Asian trade euro hovered near a two-year low after Moody's cut Italy's credit rating, while the Australian dollar rose as China's second-quarter growth met expectations.
The Australian dollar rose 0.2 percent to $1.0166, boosted by data showing that China's economy grew 7.6 percent in the second quarter from a year earlier.
The dollar was available versus the Indian rupee at 55.63, the greenback was trading in relation to the Malaysian ringgit at 3.1890 and the US currency was at 6.3793 per yuan.
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