The rupee managed to gain sharply against the dollar and euro on the money market during the week, ended on June 14, 2014. In the interbank market, the rupee gained 29 paisa versus the dollar for buying at Rs 98.32 and the currency picked up 28 paisa for selling at Rs 98.35. The rupee also followed same trend in terms of the greenback, rising 10 paisa for buying at Rs 99.55 and selling at Rs 99.75, the national currency also rose by Rs 1.25 versus the euro for buying and selling at Rs 134.25 and Rs 134.50, respectively.
Commenting on the upward trend in the currency market, some experts said that inflows are good, helping the dollars to move easily versus the rupee. If dollars' supply improves, the rupee may maintain surge in times to come. In the first 11 month of the current fiscal year, overseas Pakistanis remitted an amount of 14.332097 billion dollars.
INTER-BANK MARKET RATE: On Monday, the rupee shed one paisa versus the dollar for buying at Rs 98.61, it, however, gained two paisa for selling at Rs 98.63. On Tuesday, the rupee managed to gain three paisa versus the dollar for buying and selling at Rs 98.58 and Rs 98.60. On Wednesday, the rupee managed to hold the overnight levels versus the dollar for buying and selling at Rs 98.58 and Rs 98.60. On Thursday, the rupee posted fresh gains of 11 paisa against the dollar for buying Rs 98.47 and it also picked up 10 paisa for selling at Rs 98.50. On Friday, the rupee gained 15-paisa against the dollar for buying and selling at Rs 98.32 and Rs 98.35.
OPEN MARKET RATES: On June 9, the rupee depicted no variation in terms of the dollar for buying and selling at Rs 99.70 and Rs 99.85. The rupee recovered 10 paisa in relation to the euro for buying at Rs 135.50 and the local currency appreciated by 15 paisa for selling at Rs 135.75.
On June 10, the rupee, picked up five paisa in terms of the dollar for buying at Rs 99.65 while it held the overnight level for selling at Rs 99.85, respectively. The rupee was unmoved in relation to the euro for buying and selling at Rs 135.50 and Rs 135.75, they said.
On June 11, the rupee maintained its appreciation in terms of the dollar for buying and selling at Rs 99.60 and Rs 99.80, respectively. The local currency jumped in relation to the euro, gaining 75 paisa for buying and selling at Rs 134.75 and Rs 135.00.
On June 12, the rupee also rose by five paisa in terms of the dollar for buying and selling at Rs 99.55 and Rs 99.75, respectively. The local currency followed same pattern in relation to the euro, picking up 45 paisa for buying and selling at Rs 134.30 and Rs 134.55.
On June 13, the rupee followed the same pattern in terms of the greenback, picking up five-paisa for buying and selling at Rs 99.50 and Rs 99.70 respectively. The rupee also rose by 20-paisa versus the euro for buying and selling at Rs 134.50 and Rs 134.75, they said.
On June 14, the rupee slipped versus the dollar, losing five paisa for buying and selling at Rs 99.55 and Rs 99.75 respectively. The rupee, however, gained 25 paisa in terms of the euro for buying and selling at Rs 134.25 and Rs 134.50.
WORLD VALUE OF DOLLAR: In the first Asian trade, the dollar edged higher against the yen thanks to upbeat US employment data. While the euro stood firm after rebounding from multi-month lows, continuing to shake off the impact from the European Central Bank's (ECB) monetary easing last week.
The dollar rose 0.1 percent to 102.57 yen, adding to gains made on Friday when data showed US non-farm payrolls increased by 217,000 last month, returning to its pre-recession level and offering confirmation the world's largest economy has snapped back from a winter slump.
The dollar was at Rs 59.04 against the Indian rupee, the greenback was available at 3.1970 in terms of the Malaysian ringgit and the US currency was trading at 6.2391 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Monday. 77.63-77.6320 (previous 77.63-77.63). Call Money Rates: 06.00-07.25 percent (previous 05.50-07.25 percent).
In the second Asian trade, the dollar held steady versus a basket of major currencies, clinging to gains made the previous day thanks to higher US bond yields after last week's solid US jobs report. The dollar index stood at 80.607, keeping above a near two-week trough of 80.240 touched last Friday.
The dollar was trading against the Indian rupee at Rs 59.27, the greenback was at 3.2025 in relation to the Malaysian ringgit and the US currency was available at 6.2336 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Tuesday. 77.63-77.63 (previous 77.63-77.6320). Call Money Rates: 05.70-07.25 percent (previous 05.50-07.25 percent).
In the third Asian trade, the euro neared a four-month low, after the dollar's yield advantage over the single currency widened in the wake of upbeat US economic data and the European Central Bank's (ECB) monetary easing.
A rise in US bond yields on speculation that the US Federal Reserve could raise interest rates sooner than previously expected has supported the greenback and put pressure on the single currency this week.
The dollar was trading against the Indian rupee at Rs 59.30, the greenback was available at 3.2110 versus the Malaysian ringgit and the US currency was at 6.2295 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday. 77.63-77.63 (previous 77.63-77.63). Call Money Rates: 05.65-07.25 percent (previous 05.25-07.25 percent).
In the fourth Asian trade, the euro hovered near a four-month low versus the dollar, hobbled by a widening yield gap between euro zone bonds and their major peers, while the New Zealand dollar rose after the central bank retained its hawkish bias. The euro last traded at $1.3544, up 0.1 percent on the day but not far from a four-month low of $1.3503 set last Thursday when the European Central Bank cut interest rates to record lows and took its deposit rate negative for the first time.
The dollar was trading against the Indian rupee at Rs 59.32, the US currency was at 3.2125 in terms of the Malaysian ringgit and the greenback was available at 6.2207 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday. 77.63-77.63 (previous 77.63-77.63). Call Money Rates: 05.50-07.00 percent (previous 05.25-07.25 percent).
In the final Asian trade, the Thai baht rose to its strongest level in more than three weeks on Friday and most emerging Asian currencies looked set to enjoy weekly gains as a jump in the yuan offset concerns about the escalating civil war in Iraq.
The baht advanced on bond inflows and after the leader of the military government said an interim government would be set up by August.
The yuan hit two-month highs against the dollar, and looked set for its best weekly performance since December 2011.
The dollar was trading against the Indian rupee at Rs 59.56, the US currency was at 3.2130 in terms of the Malaysian ringgit and the greenback was available at 6.2097 versus the Chinese yuan.
At the week-end, the dollar edged higher against a basket of major currencies on Friday after violence in Iraq triggered a safety bid for the US currency, while a slight rise in US bond yields underpinned the move.
Escalating insurgent conflict in Iraq resulted in a cautious mood, while renewed focus on the potential for more monetary stimulus in Japan and an uptick in US Treasury yields also drove demand for the dollar.
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