Cautionary measures by the State Bank of Pakistan (SBP) helped the rupee to keep away from sharp erosion versus the dollar amid the shortened week, ended on March 22, due to Pakistan Day holiday on Saturday. On the interbank market, the rupee dropped by 10 paisa against the dollar for buying and selling at Rs 98.20 and Rs 98.25.
On the open market, the national currency maintained its month-long stable trend versus the dollar for buying and selling at Rs 99.00 and Rs 99.25. The rupee rose by rupee one in relation to the euro for buying and selling at Rs 128.00 and Rs 128.25.
The country is going to clear a payment to the International Monetary Fund (IMF) at the end of the current month.
This factor may cause sharp fall in value of the rupee, it is interesting to note that how the rupee perform, whether it sustained its present levels or fall sharply on likely increase in demand for the US currency.
Country's foreign exchange reserves fell to 12.436 billion dollar despite the fact that import bills for oil and foodstuff came down four percent this year. If confusions and uncertainties increase over the next election, this could be a factor, which can bring down the value of the rupee versus the dollar in the coming days.
INTER-BANK MARKET RATES: On Monday, the rupee dropped by 15 paisa versus the dollar for buying at Rs 98.10 and it fell by 17 paisa for selling at Rs 98.15.
On Tuesday, the rupee continued slide in relation to the dollar, losing five paisa for buying at Rs 98.15 and Rs 98.20.
On Wednesday, the rupee dropped five paisa against the dollar for buying at Rs 98.20 and it also shed two paisa for selling at Rs 98.22, they added. On Thursday, the rupee fell marginally in relation to the dollar for buying and selling at Rs 98.21 and Rs 98.23. On Friday, the rupee inched up by one paisa against the dollar for buying at Rs 98.20, it, however, shed two paisa for selling at Rs 98.25.
OPEN MARKET RATES: On March 18, the rupee sustained its levels in relation to the dollar for buying and selling at Rs 99.00 and Rs 99.25, they said. The rupee showed an improved versus the euro, gaining rupee one for buying and selling at Rs 129.00 and Rs 129.25, they added. On March 19, the rupee did not show any change versus the dollar for buying and selling at Rs 99.00 and Rs 99.25, they said. The rupee, however, picked up 25 paisa in terms of the euro for buying and selling at Rs 129.00 and Rs 129.25, they added.
On March 20, the rupee retained its levels in relation to the dollar for buying and selling at Rs 99.00 and Rs 99.25, they said. The rupee maintained its upward journey versus the euro, gaining 75 paisa for buying and selling at Rs 128.25 and Rs 128.50, they added.
OPEN MARKET RATES: The rupee was unchanged in relation to the dollar for buying and selling at Rs 99.00 and Rs 99.25, they said. The rupee also maintained its present trend versus the euro for buying and selling at Rs 128.25 and Rs 128.50, they added.
OPEN MARKET RATES: The rupee sustained its levels versus the dollar for buying and selling at Rs 99.00 and Rs 99.25, they said. The rupee picked up 25 paisa in relation to the euro for buying and selling at Rs 128.00 and Rs 128.25, they added.
OVERSEAS OUTLOOK FOR DOLLARS: In the first Asian trade, the euro plunged and traders squeezed the yen sharply higher in Asia as news that Cyprus' bailout plan includes taxing depositors was taken as a dangerous precedent that could ultimately trigger bank runs elsewhere in the region.
Eurozone finance ministers want to tap Cyprus' savers in order for the country to receive a 10 billion euro ($13 billion) bailout, and this decision caused a run on cash after its announcement on Saturday morning.
The greenback was trading against the Indian rupee at Rs 54.20, the dollar was available at 3.1310 in terms of the Malaysian ringgit and the US currency was at 6.215 in relation the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 78.55-78.59 (78.62-78.62). Call Money Rates: 06.75-07.50 percent (previous 06.00-07.75 percent).
In the second Asian trade, the euro hovered near a three-month low versus the dollar as a plan to tax Cyprus savings accounts to help fund a bank bailout fuelled fears about the stability of euro zone financial institutions.
While Asian investors were relieved to see limited fallout from the Cyprus deal on other euro zone countries so far as the uptick in Spanish and Italian debt yields appeared to be contained, analysts were guarded about the near term.
The dollar was trading against the Indian rupee at Rs 54.31, the greenback was at 3.1200 versus the Malaysian ringgit and the US currency was available at 6.216 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 78.45-78.50 (78.55-78.59). Call Money Rates: 06.25-07.50 percent (previous 06.25-07.75 percent).
In the third Asian trade, the euro hovered near a four-month low after Cyprus rejected terms of a proposed bailout, creating uncertainty about the country's financial future and reviving fears about the stability of the euro zone.
Cyprus overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout on Tuesday, throwing international efforts to rescue the latest casualty of the euro zone debt crisis into disarray.
The dollar was trading against the Indian rupee at 54.39, the greenback was available at 3.1200 versus the Malaysian ringgit and the greenback was at 6.211 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 78.40-78.41 (78.45-78.50). Call Money Rates: 06.75-07.50 percent (previous 06.25-07.75 percent. In the fourth Asian trade, the yen edged higher versus the dollar on Thursday but its gains were limited as the market waited for clues on how aggressively the Bank of Japan will ease monetary policy under its new leadership.
New BOJ Governor Haruhiko Kuroda and new Deputy Governors Kikuo Iwata and Hiroshi Nakaso are scheduled to hold a news conference from 0900 GMT on Thursday.
The dollar was trading against the Indian rupee at Rs 54.28, the greenback was at 3.1190 in terms of the Malaysian ringgit and the US currency was available at 6.2128 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 78.32-78.35 (78.40-78.41) Call Money Rates: 07.00-07.50 percent (previous 06.25-07.75 percent.
In the final Asian trade, the euro was knocked lower and the safe-haven yen strengthened on news that Russia had refused to provide financial assistance to Cyprus, which is struggling to find a solution for its debt crisis. The euro was last down 0.1 percent versus the yen at 122.28 yen, after having fallen to as low as 121.88 yen earlier. The dollar was trading against the Indian rupee at Rs 54.33, the US currency was available at 3.1140 in relation to the Malaysian ringgit and the greenback was at 6.2127 in terms of the Chinese yuan.
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