The rupee managed to halt losses against the dollar on the money market during the week, ended on may 30, 2015, In the interbank market, the rupee gained four paisas in relation to the dollar for buying at Rs 102.00 and it also picked up six paisas for selling at Rs 102.02. In the open market, the rupee, however, shed 15 paisas versus the dollar for buying and selling at Rs 103.50 and Rs 103.70. While it inched up by 10 paisas in terms of the euro for buying and selling at Rs 113.40 and Rs 114.40.
Commenting on the rising demand for dollars, some analysts said that it was strong buying by the State Bank from both open and interbank market, forced the rupee to cross Rs 103 barrier versus the dollar.
This factor has caused a rising gap between the in the open and interbank market rates, they added. They also said that surge in the outflows would be a problem for the country, once inflows from the donors stop. They also said that dollar demand may rise in the near future.
INTTERBANK MARKET RATES: On Monday, the rupee dropped by seven paisas versus the dollar for buying at Rs 102.04 and it also shed 10 paisas for selling at Rs 102.08. On Tuesday, the rupee inched up by two paisas versus the dollar for buying at Rs 102.02 and it also picked up four paisas for selling at Rs 102.04.
On Wednesday, the rupee recovered four paisas versus the dollar for buying and selling at Rs 101.97 and Rs 101.98. On Thursday, the rupee shed two paisas versus the dollar for buying and selling at Rs 101.99 and Rs 102.00. On Friday, the rupee shed one paisa in relation to the dollar for buying and selling at Rs 102.00 and Rs 102.02.
OPEN MARKET RATE: On May 25, the rupee also fell by 25 paisas in relation to the dollar for buying at Rs 103.35 and it depreciated by 20 paisas for selling at Rs 103.55, they said. The national currency, however, gained versus the euro, picking uo 50 paisas for buying and selling at Rs 113.50 and Rs 114.50, they added.
On May 26, the rupee also gained five paisas in relation to the dollar for buying and selling at Rs 103.30 and Rs 103.50. The national currency, also extended it's gains versus the euro, rising 50 paisas more for buying and selling at Rs 113.00 and Rs 114.00.
On May 27, the rupee, however, shed 10 paisas in terms of the dollar for buying and selling at Rs 103.40 and Rs 103.60. The national currency retained the overnight value against the euro for buying and selling at Rs 113.00 and Rs 114.00.
On May 28, the rupee also lost 10 paisas in terms of the dollar for buying and selling at Rs 103.50 and Rs 103.70. The national currency sustained the overnight value against the euro for buying and selling at Rs 113.00 and Rs 114.00.
On May 29, the rupee did not fluctuate against the dollar for buying and selling at Rs 103.50 and Rs 103.70. The national currency failed to retain its firmness against the euro, losing 50 piasa for buying and selling at Rs 113.50 and Rs 114.50.
On May 30, the rupee, somehow, managed to hold overnight levels against the dollar for buying and selling at Rs 103.50 and Rs 103.70, they said. The national currency gained slightly by 10 paisas against the euro for buying and selling at Rs 113.40 and Rs 114.40.
OVERSEAS OUTLOOI FOR DOLLAR: In the first Asian trade, he dollar marched to a two-month high versus the yen on Monday and carved out fresh ground against other major currencies after stronger-than-expected underlying US inflation supported the Federal Reserve's case for a rate hike later this year.
The US currency traded near a two-month high of 121.78 yen after jumping from a low of 120.64 on Friday, helped by a rise in US Treasury yields triggered by the CPI data.
The dollar was trading against the Indian rupee at 63.62, the greenback was at 3.6075 in terms of the Malaysian ringgit and the US currency was at 6.2012 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.25-7.00 percent (Previous 05.25-07.00 percent).
In the second Asian trade, the dollar scaled a one-month high against a basket of major currencies, having remained bid after comments from Federal Reserve Chair Janet Yellen reinforced a tightening bias on interest rates.
Against the yen, the dollar touched a two-month high of 121.79, edging closer to an eight-year peak above 122.04.
The dollar was trading against the Indian rupee at Rs 63.72, the US currency was at 3.6170 in terms of the Malaysian ringgit and the greenback was available at 6.2041 in relation to the Malaysian ringgit.
Inter bank buy/sell rates for the taka against the dollar on Tuesday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.25-7.00 percent (Previous 05.25-07.00 percent).
In the third Asian trade, the dollar held broad gains, having rallied to an eight-year high against the yen after a batch of upbeat data bolstered the case for a US interest rate hike this year.
The greenback climbed as far as 123.33 yen on Tuesday, reaching a high not seen since mid-2007. It last stood at 123.14, within reach of its June 2007 peak of 124.14. A break there would take it to levels last seen in late 2002.
The dollar was trading against the Indian rupee at Rs 64.08, the greenback was at 3.6370 versus the Malaysian ringgit and the US currency was at 6.204 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.25-7.00 percent (Previous 05.25-07.00 percent.
In the fourth Asian trade, the dollar hit its highest since December 2002 against the yen on Thursday due to expectations that US interest rates will rise later this year, while the Australian dollar struck a six-week low following disappointing capital expenditure data.
The greenback soared as high as 124.30 yen, and last stood at 124.15 yen.
The dollar was trading against the Indian rupee at Rs 63.87, the greenback was at 3.6370 in terms of the Malaysian ringgit and the US currency was at versus the Chinese yuan 6.198.
Inter bank buy/sell rates for the taka against the dollar on Thursday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.25-7.00 percent (Previous 05.25-07.00 percent).
In the final Asian trade, the dollar edged down in Asian trading, taking a breather from this week's rally that brought it to its highest levels against the yen since 2002 on growing expectations that the US Federal Reserve would raise interest rates this year. Market participants said the dollar's recent ascent had caught some investors off guard and their efforts to cover their positions was likely to keep the dollar supported, even with possible risks from US jobs data at the end of next week.
dollar was trading against the Indian rupee at Rs 63.73, the greenback was at 3.6535 in terms of the Malaysian ringgit and the US currency was at 6.200 versus the Chinese yuan.
At the week-end, the dollar was mixed with month-end selling after a recent rally, as traders saw little in weak first-quarter US gross domestic product data to discourage bets the Federal Reserve will start raising interest rates in 2015.
The dollar index traded tightly and was last off 0.10 percent but remained on track for a rise for May. That would extend a string begun last July of nearly uninterrupted monthly gains for the index of six major currencies traded against the greenback.
Comments
Comments are closed.