Pakistan rupee depreciated against the dollar during the week ended on October 6 owing to the International Monetary Fund (IMF) and oil payments and buying by intending Hajis. Rupee slid versus the dollar in the interbank market, losing 56 paisa with a purchase price of 95.46. It fell by 63 paisa at the selling counter, closing at 95.58.
In the open market, rupee traced the same course in relation to the US dollar, shedding 65 paisa at buying counter and selling between 95.45 and 95.65. Rupee, also fell in relation to euro by Rs1.9, buying at Rs123.6 and dropping by Rs2.90 at the selling counter, settling at Rs124.6.
It was observed that rupee drifted lower because of IMF and oil payments. Other leading factors affecting the Pakistani currency was surging demand by intending Hajis.
Money experts believe that there was no panic dollar buying, which helped rupee to resist steep depreciation against the US greenabck. The main feature of the week was the State Bank of Pakistan's (SBP) decision to cut its key policy rate by 50 basis points to 10 percent from 10.5 percent to revive industrial and business activity, experts said.
INTER-BANK MARKET RATES: On Monday, rupee could not retain its weekend's firmness in relation to the US currency, losing 12 paisa, buying at 94.9. It also shed 13 paisa at the selling counter, ending at 94.95. On Tuesday, rupee dropped by four paisa against dollar, buying at Rs94.94 and it shed two paisa, selling at Rs94.97.
On Wednesday, rupee weakened against dollar after losing 16 paisa, buying at 95.1, while it also dropped by 18 paisa, selling at 95.15. On Thursday, rupee dropped by 22 paisa against dollar, buying at 95.32. It also lost 21 paisa for selling at 95.36. On Friday, rupee continued its slide against dollar, losing 14 paisa, buying at 95.46 and it also shed 22 paisa at the selling counter at 95.58.
OPEN MARKET RATES: On October 2, rupee managed to retain its weekend rate against the greenback for buying and selling at 94.8 and 95. While, the rupee dropped by 20 paisa in terms of the euro for buying and selling at Rs121.7 and Rs122.7.
On October 3, rupee also fell by five paisa versus dollar for buying and selling at 94.85 and 95.05, respectively. Rupee dropped by 30 paisa against euro, buying and selling at Rs122 and Rs 123, respectively.
On October 4, rupee lost 15 paisa versus dollar, buying and selling at 95 and 95.2, respectively. Rupee also shed 20 paisa against euro, buying at Rs122.2 while it showed no change at the selling counter, remaining constant at Rs123. On October 5, rupee lost 20 paisa, buying and selling at 95.2 and 95.4, respectively. Rupee extended its slide in terms of euro, shedding 40 paisa for buying and selling at Rs122.8 and Rs 123.4.
On October 6, rupee fell 25 paisa against dollar, buying and selling at 95.45 and 95.65, respectively. Rupee also fell against euro, losing 80 paisa, buying at Rs123.6 and it also lost Rs1.2 at the selling counter, declining to Rs124.6.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, euro fell to a three-week low after an audit of Spain's banks failed to quell concerns about that country's progress towards a bailout needed to shore up its public finances. Investors also continued to await the outcome of Moody's rating agency's latest review of Spain's sovereign rating, which may see it downgraded to junk status.
The dollar was trading against Indian rupee at Rs52.78, greenback was available at 3.064 versus Malaysian ringgit and the US currency was at 6.2842 against Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday.
81.50-81.50 (previous 81.55-81.67). Call Money Rates: 08.00-08.50 percent (previous 06.00-9.50 percent). In the second Asian trade, euro edged higher and held above a three-week low against dollar, but its outlook was clouded by concerns over Spain's fiscal woes and uncertainty over the timing of a possible aid request by Madrid.
The single currency was helped by data the previous day showing US manufacturing grew slightly in September for the first time since May, a reading that weighed on the safe haven dollar and lent support to risky assets.
Inter bank buy/sell rates for the taka against the dollar on Monday. 81.50-81.50 (previous 81.55-81.67). Call Money Rates: 08.00-08.50 percent (previous 06.00-9.50 percent).
The dollar was trading against Indian rupee at Rs52.78, the greenback was at 3.064 in terms of Malaysian ringgit while the US currency was available at 6.2842 versus Chinese yuan.
In the third Asian trade, euro steadied, as traders tried to gauge how close Spain was to asking for European financial aid, while Australian dollar slid to a four-week low after Australia posted its biggest trade deficit in 3-1/2 years. Dollar was trading against Indian rupee at 52.33, the greenback was 3.061 against Malaysian ringgit and the US currency was at 6.2842 against Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday. 81.48-81.54 (previous 81.50-81.59). Weighted Average: 81.5039 (previous 81.5094). Call Money Rates: 08.50-08.50 percent (previous 06.00-9.50 percent).
In the fourth Asian trade, the yen slid to a two-week lows against the dollar after upbeat US data and as speculators grew wary in case the Bank of Japan surprises this week by easing policy.
Dollar was trading versus Indian rupee at Rs 52.16, the greenback was at 3.057 in relation to Malaysian ringgit and the US currency was at 6.2842 in relation to Chinese yuan.
Inter bank buy/sell rates for taka against the dollar on Thursday. 81.40-81.55 (previous 81.48-81.54) Call Money Rates:. 08.00-08.50 percent (previous 04.00-10.75 percent).
In the final Asian trade, euro inched down but stayed near a two-week high versus dollar on Friday, finding support after the European Central Bank said the previous day that it was ready to buy bonds of troubled euro zone members. Yen briefly nudged higher after the Bank of Japan kept monetary policy unchanged and held off from additional easing measures. The reaction was limited, however, as Friday's decision was in line with expectations.
Dollar was trading against Indian rupee at Rs51.67, the greenback was selling at 3.052 against Malaysian ringgit and the US currency yielded 6.284 against Chinese yuan.
At the week-end, dollar hit a two-week high versus yen on Friday after data showed the US unemployment rate fell to a near four-year low in September, prompting investors to sell the safe-haven currency for riskier assets.
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