The rupee moved both ways against the dollar on the local currency market during the week, ended on 29, November 2014. In the interbank market, the rupee was down by 15 paisa versus the dollar for buying and selling at Rs 101.87 and Rs 101.90.
In the open market, the rupee picked up 10 paisa versus the dollar for buying and selling at Rs 102.50 and Rs 102.70. The rupee, however, shed five paisa against the euro for buying and selling at Rs 127.30 and Rs 127.55.
Commenting on the present trend in the market, currency viewers said that it is most likely that the rupee may move in a narrow band in time to come. The country's foreign exchange reserves dropped at 13.219 billion dollars, likely to create rising demand for dollars, they said. In the first four months of the current fiscal year, the exports of non-textile goods came down by 14 percent, which is giving an impression about fall in source of foreign earnings, they added. Deteriorating law and order situation in the country is also one of the major factor behind the poor performance of basis fundamentals, they said.
INTER-BANK MARKET RATES: On Monday, the rupee drifted lower versus the dollar, shedding seven paisa for buying and selling at Rs 101.72 and Rs 101.75. On Tuesday, the rupee continued fall in terms f the dollar for buying and selling at Rs 101.85 and Rs 101.88. On Wednesday, the rupee recovered six paisa versus the dollar for buying and selling at Rs 101.79 and Rs 101.81.
On Thursday, the rupee inched up by one paisa against the dollar for buying and selling at Rs 101.78 and Rs 101.80. On Friday, the rupee lost 10 paisa against the dollar for buying and selling at Rs 101.87 and Rs 101.90.
OPEN MARKET RATES: On November 24, the rupee also lost 40 paisa against the dollar for buying and selling at Rs 102.60 and Rs 102.80. The rupee slid by 25 paisa in relation to the euro for buying and selling at Rs 127.25 and Rs 127.50.
On November 25, the rupee held the overnight levels against the dollar for buying and selling at Rs 102.60 and Rs 102.80. The rupee also did not move any side in terms of the euro for buying and selling at Rs 127.25 and Rs 127.50.
On November 26, the rupee followed same pattern in relation to the dollar for buying and selling at Rs 102.30 and Rs 102.50. The rupee, however, lost 25 paisa against the euro for buying and selling at Rs 127.50 and Rs 127.75.
On November 27, the rupee posted fresh gains of 10 paisa in relation to the dollar for buying and selling at Rs 102.20 and Rs 102.40. The rupee also picked up 30 paisa versus the euro for buying and selling at Rs 127.30 and Rs 127.55.
On November 28, the rupee shed 15 paisa versus the dollar for buying and selling at Rs 102.35 and Rs 102.45.
On November 29, the rupee extended overnight fall versus the dollar for buying at Rs 102.50 and it also lost 25 paisa for selling at Rs 102.70. The rupee also shed five paisa in terms of the euro for buying and selling at Rs 127.30 and Rs 127.55.
OVERSEAS OUTLOOK FOR DOLARS: In the first Asian trade, the euro flirted with a two-year trough against the dollar on Monday as investors gave the currency a wide berth on prospects of more easing from the European Central Bank. ECB President Mario Draghi on Friday threw the door wide open for more drastic measures as he painted a bleak picture of the 18 countries in the euro bloc, stressing that "excessively low" inflation had to be raised quickly.
The dollar was trading against the Indian rupee at Rs 61.71, the greenback was at 3.3430 in terms of the Malaysian ringgit and the greenback was available at 6.1359 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Monday. 77.62-77.63 (previous 77.60-77.60). Call Money Rates: 06.25-08.50 percent (Previous 06.25-08.50 percent).
In the second Asian trade, the euro steadied on Tuesday after it rebounded against the dollar, thanks to a short squeeze that followed an encouraging improvement in German business sentiment.
Further supporting the euro zone common currency, the head of the Bundesbank warned about the legal hurdles the European Central Bank would face if it went down the path of printing money to buy government bonds.
The dollar was trading against the Indian rupee at Rs 61.99, the greenback was available at 3.3465 in terms of the Malaysian ringgit and the US currency was at 6.1405 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Tuesday. 77.65-77.66 (previous 77.62-77.63). Call Money Rates: 06.25-08.50 percent (Previous 06.25-08.50 percent).
In the third Asian trade, the dollar edged lower against the yen but mostly stuck to recent ranges ahead of the US Thanksgiving holiday, while the Australian dollar wallowed near four-year lows against the greenback.
The dollar was trading against the Indian rupee to Rs 61.83, the greenback was at 3.3460 in terms of the Malaysian ringgit and the US currency was at 6.1341 in relation to the Chinese yuan.
Inter bank buy-sell rates for the taka against the dollar on Wednesday. 77.67-77.68 (previous 77.65-77.66). Call Money Rates: 06.25-08.25 percent (Previous 06.00-08.50 percent).
In the fourth Asian trade, the dollar edged down against the yen after lacklustre US economic data pushed Treasury yields lower and dulled investor appetite for the greenback.
The dollar was down 0.2 percent at 117.555 yen, continuing its slow retreat from a seven-year high of 118.98 struck a week ago.
The dollar was trading against the Indian rupee at Rs 61.85, the greenback was at 3.3450 versus the Malaysian ringgit and the US currency was available at 6.137 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday. 77.69-77.70 (previous 77.67-77.68). Call Money Rates: 06.25-08.25 percent (Previous 05.75-08.50 percent.
In the final Asian trade, the US dollar held firm Friday after rising against commodity currencies such as the Canadian dollar and Norwegian crown on OPEC's decision not to reduce output.
Investors took aim at currencies of oil-rich countries as oil prices fell after the OPEC decision. Brent crude settled at a four-year closing low of $72.82 a barrel.
The dollar was trading against the Indian rupee at Rs 61.89, the greenback was available at 3.3700 versus the Malaysian ringgit and the US currency was at 6.147 in terms of the Chinese yuan.
At the week-end, the dollar gained as sliding oil prices stirred disinflation fears in the euro zone and Japan, while investors also looked ahead to a heavy week of central bank meetings and the US monthly employment report. US crude fell 10 percent on Friday on OPEC's decision not to cut output, settling at $66.15 a barrel. Annual consumer inflation in the euro zone cooled to a five-year low as energy prices fell, suggesting deflation remains a real threat for the European Central Bank. Japan's annual core consumer inflation also slowed for a third straight month in October.
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