The rupee moved cautiously against the dollar on the currency market during the week, ended on April 6. On the inter-bank market, the rupee managed to gain 11 paisa in relation to the dollar for buying and selling at 98.32 and 98.34.
The rupee, however, lost 15 paisa in terns of the greenback for buying and selling at 99.00 and 99.25, the rupee also fell sharply versus the euro, losing Rs 2.15 to Rs 127.90 and Rs 128.05.
There were smooth supply of dollars, which helped the rupee to resist fall against the dollar and the rupee may not depict weakness in the near future, Malik Bostan said. The rupee will trade in narrow range due to easy supply of dollar, other experts said and adding that the national currency may gain further strength if political and economic condition improves.
INTER-BANK MARKET RATES: On Monday, the rupee maintained its week-end levels against the dollar for buying and selling at 98.43 and 98.45. On Tuesday, the rupee gained nine paisa against the dollar for buying and selling at 98.34 and 98.36. On Wednesday, the rupee inched up versus the dollar for buying and selling at 98.33 and 98.35.
On Thursday, the rupee drifted lower in relation to the dollar, shedding two paisa for buying and selling at 98.35 and 98.37. On Friday, the rupee posted fresh gains versus the dollar, picking up three paisa for buying and selling at 98.32 and 98.34.
OPEN MARKET RATES: On April 1, the rupee followed same print, showing no variation in terms of the dollar for buying and selling at 98.85 and 99.10. While, the rupee gained 25 paisa against the euro for buying and selling at Rs 125.75 and Rs 126.00.
On April 2, the rupee sustained its levels in terms of the dollar for buying and selling at 98.85 and 99.10. While, the rupee lost 50 paisa in relation to the euro for buying and selling at Rs 126.25 and Rs 126.50.
On April 3, the rupee did not show any change in terms of the dollar for buying and selling at 98.85 and 99.10, while, the rupee also held the overnight levels against the euro for buying and selling at Rs 126.25 and Rs 126.50.
On April 4, the rupee dropped by 15 paisa in terms of the greenback for buying and selling at 99.00 and 99.25. The rupee, however, gained 15 paisa against the euro for buying and selling at Rs 126.110 and Rs 126.35.
On April 5, the rupee did not show any change in terms of the greenback for buying and selling at 99.00 and 99.25. While, the rupee lost 90 paisa against the euro for buying and selling at Rs 127.00 and Rs 127.25.
On April 6, the rupee firmly held its overnight in relation to the greenback for buying and selling at 99.00 and 99.25.
While, the rupee continued its slide versus the euro as a result of single currency's appreciation in the overseas market, losing 80 paisa against the euro for buying and selling at Rs 127.90 and Rs 128.05.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the euro sagged to approach a four-month low on concerns about the spill-over from Cyprus' bailout terms, while the Aussie dollar was tripped up after data showed a slower rebound in Chinese factory activity in March than expected.
The yen firmed across the board as a few large purchases of the Japanese currency made a splash on a day with low liquidity and few participants, with most markets closed for Easter holidays.
The dollar was trading against the Indian rupee at Rs 54.28, the US currency was available at 3.0945 versus the Malaysian ringgit and greenback was at 6.207 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 78.10-78.11 (78.15-78.15). Call Money Rates: 06.75-07.00 percent (previous 05.25-07.50 percent).
In the second Asian trade, the yen shot to a one-month high against the dollar on Tuesday after softer-than-expected US manufacturing data prompted investors to sell the greenback.
But further gains for the Japanese currency could be limited as investors wait to see what the Bank of Japan (BoJ) will deliver at its April 3-4 policy meeting.
The dollar was trading against the Indian rupee at Rs 54.30, the greenback was at 3.0855 in terms of the Malaysian ringgit and the US currency was at 6.200 against the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday.78.10-78.11 (78.10-78.11). Call Money Rates: 05.25-07.25 percent (previous 05.25-07.50 percent.
In the third Asian trade, the yen and the euro inched lower versus the dollar on Wednesday, with trading largely characterised by a lack of conviction as markets awaited policy decisions by the Bank of Japan and European Central Bank on Thursday. Yen bears are worried the BOJ, in its first policy review under new governor Haruhiko Kuroda, might not live up to expectations, as markets are already positioned for aggressive stimulus measures.
The dollar firmed 0.1 percent to 93.52 yen, inching away from a one-month low of 92.57 yen set on Tuesday. The dollar was still some way off a 3-1/2 year high of 96.71 yen set last month.
The dollar was trading against the Indian rupee at Rs 54.38, the US currency was available at 3.0840 in relation to the Malaysian ringgit and the greenback was at 6.202 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday: 78.10-78.1050 (78.10-78.11). Call Money Rates: 07.00-07.25 percent (previous 05.30-07.50 percent).
In the fourth Asian trade, the yen dropped sharply on Thursday after the BoJ announced aggressive easing, saying it will double its holdings of bonds and stocks in two years.
The BoJ also said it would extend the average maturity of bonds it holds to around seven years from around three years now, dashing suspicions that it could under deliver as it had often in the past.
The dollar was trading against the Indian rupee at RS 54.83, the US currency was available at 3.0815 in terms of the Malaysian ringgit and the greenback was at 6.2010 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday.78.08-78.09 (78.10-78.1050). Call Money Rates: 06.75-07.25 percent (previous 05.75-07.50 percent.
In the final Asian trade, the yen touched a 3-1/2-year low on Friday after suffering its biggest one-day tumble since late 2008 in the previous session, when the Bank of Japan surprised markets with a radical campaign of monetary expansion to attack deflation. The dollar rose as high as 97.20 yen on trading platform EBS, a level not seen since August 2009. The dollar was trading against the Indian rupee at Rs 54.83, the greenback was available at 3.0625 versus the Malaysian ringgit and the greenback was at 6.2010 in terms of the Chinese yuan.
At the week-end, the dollar dropped to a two-week low against the euro, as worse-than-expected US jobs data for March raised concerns that the pace of recovery in the American labour market has slowed.
Japan's yen also extended its downward slide, hitting its worst levels against the dollar since June 2009 and a two-month trough against the euro. As trading volumes dried up heading into the weekend, the euro at one point was up more than two percent on the Japanese currency.
Comments
Comments are closed.