Smooth supply of dollar strengthened the rupee versus the greenback during the week ended on August 4, 2012. In the inter bank market the rupee managed to gain 20 paisa in relation to dollar for buying 94.45 and it rose by 19 paisa for selling at 94.49.
On the open market the rupee posted fresh gain of 15 paisa in terms of the greenback at 94.50 and it gained five paisa for selling at 94.70.
The rupee, however, lost 60 paisa versus euro at Rs 116.40 and Rs 117.40. On the back of easy supply of dollar, the rupee showed improvement and it may depict further strength in the near future owing to higher trend in the remittances and partly because of arrival of 1.18 billion dollars under the Collation Support Funds (CSF)
In the long-term the rupee may not retain its firmness because of high current account deficit and slow economic growth pose a negative scenario. The major factor, scheduled debt repayment to the International Monetary Fund (IMF) at the end of current month will also inflict pressure on the rupee.
INTER-BANK MARKET RATES: On Monday, the rupee lost 10 paisa in terms of dollar for buying at 94.65 and shed eight paisa for selling at 94.68, respectively.
On Tuesday the rupee retained overnight level against dollar for buying at 94.65 and shed one paisa for selling at 94.69.
On Wednesday the rupee inched up one paisa against dollar for buying at 94.45 and it picked up two paisa for selling at 94.67.
On Thursday the rupee gained 24 paisa against dollar for buying at 94.40 and it picked up 22 paisa for selling at 94.45.
On Friday the rupee drifted lower against dollar, shedding five paisa for buying at 94.45 and losing four paisa for selling at 94.49.
OPEN MARKET RATES: On July 30 the rupee did not show any change in terms of dollar for buying 94.65 while it gained 10 paisa for selling at 94.75. The local currency picked up 20 paisa versus euro for buying and selling at Rs 115.80 and Rs 116.80.
On July 31 the rupee inched up by five paisa against dollar for buying while it shed the same amount for selling a 94.80. The local currency retained it's value versus euro for buying and selling at Rs115.80 and Rs116.80.
On August 1, the rupee retained overnight levels against dollar for buying and selling at 94.60 and 94.80. The local currency was lower by 20 paisa versus euro for buying and selling at Rs116.00 and Rs117.00.
On August 2, the rupee rose by five paisa in relation to dollar for buying and selling 94.55 and 94.75. The local currency also gained 30 paisa versus euro for buying and selling at Rs 115.70 and Rs116.70.
On August 3, the rupee, however, inched up by five paisa versus dollar for buying and selling at 94.50 and 94.70. The national currency rose by 70 paisa in terms of euro for buying and selling at Rs 115.00 and Rs 116.00, respectively.
On August 4, the rupee retained overnight levels versus dollar at 94.50 and 94.70, while, the rupee shed 70 paisa against euro for buying and selling at Rs 116.40 and Rs 117.40.
OVERSEAS MARKET OUTLOOK: In the first Asian trade euro slipped as short-term technical charts flashed a bearish signal, but its losses were limited by hopes the European Central Bank will soon launch fresh action to tackle the euro zone's debt crisis.
Inter bank buy/sell rates for taka against the dollar on Monday: 81.69-81.71 (previous 81.70-81.71) Call Money Rates: 08.50-10.00 percent (previous 08.50-9.50 percent).
The dollar was trading against the Indian rupee at 55.40, the greenback was trading in terms of the Malaysian ringgit at 3.1615 and the US currency versus the Chinese yuan was at 6.3768.
In the second Asian trade euro edged higher against the dollar on Tuesday but stayed off a recent three-week high, while the Australian dollar hit a four-month high, supported by expectations that major central banks may add more stimulus.
The single currency moved up 0.1 percent from late US trade on Monday to $1.2274, but remained stuck below the high of $1.2390 hit last Friday.
The dollar was trading against the Indian rupee at 55.71, the greenback versus the Malaysian ringgit at 3.1400 and the US currency was trading versus the Chinese yuan at 6.376. Inter bank buy/sell rates for taka against dollar on Tuesday: 81.60-81.70 (previous 81.69-81.71). Call Money Rates: 09.00-09.95 percent (previous 08.50-10.00 percent).
In the third Asian trade, the dollar dipped to a two-month low against the Japanese yen on Wednesday after China's official manufacturing data poured water on hopes increased policy support may be helping to stem a slowdown in the world's second-largest economy.
The euro also eased against dollar as disappointment over Chinese data added to nerves in a market already growing doubtful that both the US Federal Reserve and the European Central Bank will - or can - do enough to spur their respective economies. Inter bank buy/sell rates for taka against dollar on Wednesday: 81.60-81.61 (previous 81.60-81.70) Call Money Rates: 06.00-10.00 percent (previous 09.00-09.95 percent).
The dollar was trading against the Indian rupee at Rs 55.48, the greenback was available versus the Malaysian Ringgit at 3.1150 and it was at 6.3704 in terms of the Chinese yuan.
In the fourth Asian Trade dollar held onto gains against major currencies made after the Federal Reserve refrained from offering new stimulus, leaving global investors focused on a European Central Bank meeting later on Thursday for any action that could revive their appetite for risk.
The dollar held onto gains against major currencies made after the Federal Reserve refrained from offering new stimulus, leaving global investors focused on a European Central Bank meeting later on Thursday for any action that could revive their appetite for risk.
Inter bank buy/sell rates for taka against dollar on Thursday: 81.55-81.60 (previous 81.60-81.61). Call Money Rates: 06.50-10.25 percent (previous 06.50-10.95 percent).
In the final Asian trade euro stayed under pressure on Friday after the European Central Bank dealt it a major setback by not immediately reviving bond buying to lower crippling borrowing costs for Spain and Italy.
Many market players think the euro's downtrend will likely continue, though further losses may be limited for now as investors retreat to the sidelines ahead of the US non-farm payrolls data due at 1230 GMT.
At the weekend dollar was trading versus the Indian rupee at Rs 56.08, the greenback was available in terms of the Malaysian ringgit 3.1340 and the dollar was at 6.374 in relation to the Chinese yuan.
The dollar fell as better-than-expected US jobs growth in July and hopes that European authorities could contain the region's debt crisis had investors embracing risk, causing the biggest one-day gain in a month for euro.
The euro zone common currency was already trading stronger before the jobs data as people took a more optimistic view of Thursday's European Central Bank meeting in which the bank signalled further support for debt-stricken Spain and Italy.
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