The rupee recovered slightly against the US dollar in the interbank market. The domestic currency, however, dropped against the greenback during the week ended on November 10.
In the interbank market, the rupee managed to gain versus the dollar, picking up 15 paisa (95.85) at buying and 12 paisa at selling counters (95.90).
On the open market, the rupee, however, lost 25 paisa against the dollar at buying and selling counters, settling at 96.30 and 96.50, respectively.
The rupee recovered 70 paisa against euro, rising 70 paisa at buying and selling counters: it was quoted at Rs121.50 and Rs122.50, respectively.
The rupee managed to resist decline against the dollar. Instead, it posted fresh gains during the week.
In the beginning of the week, the national currency dropped modestly against dollar because of a strong demand for meeting the International Monetary Fund (IMF) payment, money experts said. According to the State Bank Pakistan (SBP), foreign exchange reserves stood at $14,100.5 million during the last week.
Some experts said that rupee was gaining ground on easy supply of dollars, but it was expected that the rupee could fall against the dollar if importers started forward buying to clear IMF payments.
INTER-BANK MARKET RATES: On Monday, the rupee surrendered its gains, losing 25 paisa at buying (96.00) while it shed 24 paisa at selling counters (96.02). On Tuesday, the rupee continued its fall against dollar, losing 25 at buying (96.25) while it shed 28 paisa at selling counters (96.30). On Wednesday, the rupee rose against the dollar by 20 paisa at buying and selling counters, settling at 96.05 and 96.10, respectively. On Thursday, rupee continued its overnight rise, increasing 20 paisa against dollar for buying and selling at 95.85 and 95.90, respectively. On Friday, the rupee-dollar parity remained unchanged because of a bank holiday.
OPEN MARKET RATES: On November 5, the rupee slipped against the dollar, losing 30 paisa for buying and selling at 96.05 and 96.25, respectively, they said. The rupee, however, gained 20 paisa versus the euro for buying at Rs122.20 and Rs123.20, respectively.
On November 6, rupee slid against dollar, falling 45 paisa for buying and selling at 96.50 and 96.70, respectively. The rupee also slipped against euro, losing 20 paisa for buying at Rs122.40 and Rs123.40, respectively. On November 7, the rupee picked up 20 paisa against dollar for buying and selling at 96.30 and 96.50, respectively. The rupee, however, fell against euro, losing 30 paisa for buying and selling at Rs122.70 and Rs123.70, respectively. On November 8, rupee picked up 10 paisa for buying and selling at 96.20 and 96.40, respectively. The rupee also appreciated by 90 paisa versus euro for buying and selling at Rs121.80 and Rs122.80, respectively. On November 9, currency markets were closed on account of a bank holiday. On November 10, the rupee fell against dollar, shedding 10 paisa, buying and selling at 96.30 and 96.50, respectively. The rupee, however, gained 30 paisa versus euro, buying and selling at Rs121.50 and Rs122.50, respectively.
OVERSEAS OUTLOOK FOR DOLLARS: In the first Asian trade, the US dollar hit a two-month high against a basket of major currencies after job reports last week highlighted relatively solid US economic fundamentals.
The dollar stood near a four-month high against yen and euro, besides hitting a five-week low, both tackling major chart points, though uncertainty over Tuesday's US elections hindered decisive breaks there for now.
Dollar was available against Indian rupee at Rs54.07, the greenback was trading at 3.0630 in terms of Malaysian ringgit and the US currency was at 6.2452 against Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Monday: 81.45-81.55 (previous 81.40-81.45). Call Money Rates: 10.00-10.00 percent (previous 09.75-10.00 percent).
In the second Asian trade, euro languished near a two-month low versus dollar, with its outlook was clouded by uncertainty over a Greek parliamentary vote on austerity steps needed for Athens to secure international aid.
Traders said the market was also in a wait-and-see mode ahead of Tuesday's US presidential election.
The euro eased 0.1 percent to $1.2788, staying near the previous day's low of $1.2767 set on trading platform EBS, the single currency's lowest level in about two months.
The dollar was trading at Rs54.59 against Indian rupee, the US currency was available at 3.0600 in terms of Malaysian ringgit and the US currency was at 6.244 versus the Chinese yuan.
In the third Asian trade, dollar fell broadly in Asia on Wednesday in reaction to US President Barack Obama's election victory.
The dollar was trading against Indian rupee at Rs54.22, the greenback was at 3.0540 against Malaysian ringgit and the US currency was at 6.2437 against Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday. 81.63-81.68 (previous 81.57-81.60). Call Money Rates: 09.00-09.50 percent (previous 09.50-10.00 percent).
In the fourth Asian trade, the safe-haven yen touched a one-month high versus the euro and the dollar slipped as worries about a looming US fiscal crisis dampened investors' risk appetite.
Euro briefly nudged higher after Greece's parliament approved the government's new austerity measures, which were needed to secure the next tranche of bailout money from international lenders.
But the single currency quickly gave back those gains. The euro touched a low of 101.75 yen earlier, the euro's lowest level against the Japanese currency in about a month.
The dollar was trading against Indian rupee at Rs54.47, the US currency was available at 3.0600 against Malaysian ringgit and the greenback as at 6.242 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday. 81.61-81.70 (previous 81.63-81.68). Call Money Rates: 09.00-09.00 percent (previous 09.00-09.50 percent).
In the final Asian trade, euro came off a two-month low on short-covering, though it remained dogged by worsening growth prospects in the euro zone, uncertainty over Greece's aid deal and a lack of direction on when Spain will ask for financial aid.
The dollar was trading against the Indian rupee at Rs54.34, the greenback was at 3.0570 in terms of the Malaysian ringgit and the US currency was available at 6.239 in terms of the Chinese yuan.
At the week-end, the euro dropped to a two-month low against the US dollar and could extend losses further as fears mount that the euro zone's debt crisis and deteriorating economic conditions could drag down global economic growth.
The US dollar and the yen advanced, while the Australian dollar weakened, as investors shed growth-linked currencies in favour of safe havens.
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