Firmness prevailed on the currency market as the rupee managed to halt slide versus the dollar and euro during the week, ended on 27 September, 2014. In the inter-bank market, the rupee showed no major change in terms of the dollar for buying and selling at Rs 102.78 and Rs 102.80.
In the open market, the rupee appreciated in terms of the dollar, picking up 20 paisa for buying and selling at Rs 102.35 and Rs 102.55. The local currency was also sharply higher against the euro, rising Rs 2.25 for buying and selling at Rs 129.50 and Rs 129.75.
The rupee, somehow, sustained it's present levels due to slight improvement in supply of dollars, experts said and adding that if law and order situation not improves in the country, it is very difficult to say about the future direction of market. In shape of different political instability, the economic condition is not depicting any improvement. Under the present situation, it is very disappointing that sales of sacrificial animals depressed owing the poor political condition. Purchasing power is lessening among the buyers due to economic crisis the whole world, they said.
According to the report, country's foreign exchange reserves fell to 13.305 billion dollars last week.
INTER-BANK MARKET RATES: On Monday, the rupee inched up one paisa versus the dollar for buying at Rs 102.76 and it also gained two paisa for selling at Rs 102.78. On Tuesday, the rupee maintained rising trend versus the dollar, picking up four paisa for buying and selling at Rs 102.72 Rs 102.74. On Wednesday, the rupee shed paisa in terms of the dollar for buying and selling at Rs 102.76 and Rs 102.78.
On Thursday, the rupee did not move any side versus the dollar for buying and selling at Rs 102.76 and Rs 102.78. On Friday, the rupee shed two paisa in relation to the dollar for buying and selling at Rs 102.78 and Rs 102.80.
OPEN MARKET RATES: On Sept 22, the rupee picked up five paisa in terms of the greenback for buying and selling at Rs 102.55 and Rs 102.75. The rupee, however, depreciated by 25 paisa in relation to the euro for buying and selling at Rs 131.75 and Rs 132.00.
On Sept 23, the rupee also gained 25 paisa in terms of the greenback for buying and selling at Rs 102.30 and Rs 102.55, they said. While, the rupee sustained its value in relation to the euro for buying and selling at Rs 131.75 and Rs 132.00, they said.
On Sept 24, the rupee shed five paisa against the dollar for buying at Rs 102.40 and it, however, gained the same amount for selling at Rs 102.50. While, the rupee picked up 40 paisa versus the euro for buying and selling at Rs 130.80 and Rs 131.05.
On Sept 25, the rupee also drifted lower in relation to the greenback, losing five paisa for buying and selling at Rs 102.35 and Rs 102.55. While, the rupee gained 55 in relation to the euro for buying and selling at Rs 131.20 and Rs 131.45.
On Sept 26, the rupee fell against the dollar for buying at Rs 102.50 and it also dropped by 20 paisa for selling at Rs 102.70. While, the rupee inched up by five paisa versus the euro for buying and selling at Rs 130.80 and Rs 131.05.
On Sept 27, the rupee picked up 15 paisa versus the dollar for buying and selling at Rs 102.35 and Rs 102.55. The rupee also rose sharply in relation to euro, gaining Rs 1.30 for buying and selling at Rs 129.50 and Rs 129.75.
OVERSEAS OUTLOOK FOR DOLALRS: In the first Asian trade, the dollar hovered near a two-year high against a basket of currencies on Monday, underpinned by expectations the US Federal Reserve will start its rate-tightening cycle sooner than expected. The dollar index, a gauge of the greenback's strength against a basket of major currencies, was at 84.607, within reach of a two-year high of 84.797 hit Friday.
The greenback was at Rs 60.78 in terms of the Indian rupee, the US currency was available at 3.2350 versus the Malaysian ringgit and the dollar was at 6.1386 against the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Monday. 77.40-77.40 (previous 77.40-77.40). Call Money Rates: 06.50-08.25 percent (Previous 06.50-08.25 percent).
In the second Asian trade, the dollar hovered just below a four-year peak against a basket of major currencies on Tuesday as the euro steadied near a 14-month trough with sellers taking a bit of a breather. The dollar index last traded at 84.671, having peaked at 84.861 on Monday, a high not seen since July 2010.
The dollar was available at Rs 60.89 in terms of the Indian rupee, the greenback was at 3.2460 versus the Malaysian ringgit and the US currency was at 6.1404 against the Chinese yuan.
Inter bank buy-sell rates for the taka against the dollar on Tuesday. 77.40-77.40 (previous 77.40-77.40). Call Money Rates: 06.40-08.25 percent (Previous 06.40-08.25 percent).
In the third Asian trade, the yen edged higher after Japanese Prime Minister Shinzo Abe reportedly voiced concern about the economic impact of the currency's recent weakness. The dollar slipped 0.3 percent on the day to 108.55 yen after Jiji news service quoted Abe as saying he would carefully watch the impact of the yen's recent weakness on Japanese regional economies.
The dollar was trading against the Indian rupee at Rs 60.97, the greenback was at 3.2430 versus the Malaysian ringgit and US currency was available at 6.135 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday. 77.40-77.40 (previous 77.40-77.40). Call Money Rates: 06.50-08.25 percent (Previous 06.40-08.25 percent).
In the fourth Asian trade, the euro languished at 14-month lows in Asia on Thursday after reported remarks from European Central Bank President Mario Draghi rekindled expectations of more policy steps to support the euro zone. The euro was already under pressure after surrendering to stop-loss selling on Wednesday, as a major chart bulwark at $1.2800 gave way.
The dollar was trading against the Indian rupee at Rs 61.08, the greenback was at 3.2515 versus the Malaysian ringgit and the US currency was available at 6.1391 against the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday. 77.40-77.40 (previous 77.40-77.40). Call Money Rates: 05.25-08.25 percent (Previous 05.25-08.25 percent).
In the final Asian session, the dollar pared earlier losses and gained against the yen after Japan's welfare minister said reforms for the country's giant pension fund would continue as planned. The greenback also held near a four-year high against a basket of major currencies, and further gains looked likely for the US currency as it boasted its the biggest yield advantage over the euro in 15 years.
The dollar was trading against the Indian rupee at Rs 61.52, the greenback was at 3.2630 in terms of the Malaysian ringgit and the US currency was available at Rs 6.1343 versus the Chinese yuan.
At the week-end, the dollar posted an 11th straight week of gains against a basket of major currencies, extending the longest winning streak since its 1971 free float under President Richard Nixon. The dollar index got extra lift from upwardly revised US gross domestic product data, adding 0.5 percent and hitting a fresh four-year peak of 85.655 even as strategists and traders predicted a pullback in the dollar rally.
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