The rupee managed to shed some losses against the dollar on the currency market during the week, ended on December 5, 2015. In the interbank market, the rupee recovered 12 paisas against the dollar for buying and selling at Rs 105.38 and at Rs 105.40, they said.
In the open market: The rupee, however, fell by 10 paisas versus the dollar for buying and selling at Rs 106.80 and Rs 107.10. The rupee also lost Rs 2.20 in terms of the euro for buying and selling at Rs 115.20 and Rs 116.20, they added.
The rupee struggled hard to get rid of prevailing weakness and it, somehow managed to get desired results, money experts said. In the beginning of the week, the dollar, breached the barrier of Rs 108 but at the end of the week, the rupee moved up with modest gains versus the greenback.
If the dollar's supply improves, the rupee may sustain its level in the coming days. It was observed that the country's foreign exchange reserves stood at 19.819 billion dollars, this factor may help the rupee to resist sharp fall in the coming days.
In the meantime, the Finance Minister, Ishaq Dar said that the reserves may touch 21 billion dollars in the near future. This factor may ease pressure over the rupee, experts said.
OPEN MARKET RATES: On Monday, the rupee failed to come out wood, falling 20 paisas for buying at Rs 106.70 and is also lost 30 paisas for selling at Rs 107.00, they said. The rupee rose by 10 paisas versus the euro for buying and selling at Rs 113.00 and Rs 114.00.
On Tuesday, the rupee continued it's fall against the dollar, shedding more 40 paisas for buying and selling at Rs 107.10 and Rs 107.40. While, the rupee rose by 10 paisas versus the euro for buying and selling at Rs 113.00 and Rs 114.00.
The rupee halted further decline against the dollar on the money market on Wednesday in the process of trading, dealers said.
On Wednesday, the rupee showed no change in terms of the dollar for buying and selling at Rs 107.10 and Rs 107.40, they added. While, the rupee was inert versus the euro for buying and selling at Rs 113.00 and Rs 114.00.
On Thursday, the rupee did not move any side versus the dollar for buying and selling at Rs 107.10 and Rs 107.40. While, the rupee picked up 20 paisas in terms of the euro for buying and selling at Rs 112.80 and Rs 113.80.
The rupee recovered modestly against the dollar on the money market on Friday in the process of trading.
On Friday, the rupee picked up 10 paisas versus the dollar for buying and selling at Rs 107.00 and Rs 107.30. The rupee, however, lost Rs 2.70 in terms of the euro for buying and selling at Rs 115.50 and Rs 116.50.
On Saturday, the rupee improved 20 paisas versus the dollar for buying and selling at Rs 106.80 and Rs 107.10. The rupee also picked up 30 paisas in terms of the euro for buying and selling at Rs 115.20 and Rs 116.20.
INTER-BANK MAKKET RATE: On November 30, the rupee did not move any side against the dollar for buying and selling at Rs 105.50 and 105.51. On December 1st, the rupee shed two paisas against the dollar for buying Rs 105.52 and it also slipped by three paisas for selling at Rs 105.54. On 2nd, the rupee shed one paisa against the dollar for buying and selling at Rs 105.53 and Rs 105.55.
On December 3, the rupee was unchanged against the dollar for buying and selling at Rs 105.53 and Rs 105.55.
On December 4, the gained five paisas against the dollar for buying at Rs 105.38 and it also picked up 15 paisas for selling at Rs 105.40.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar edged up to a fresh 8-1/2-month high against a basket of global currencies, while the prospect of further stimulus this week by the European Central Bank kept the euro on the defensive.
The dollar index added about 0.1 percent to 100.12 after earlier rising as high as 100.23, closing in on a 12-year high of 100.39 set in March. It was up more than 3 percent for the month, and nearly 11 percent for the year.
"The euro has a high weighting in the dollar index, so when the euro falls, the index tends to rise," said Ayako Sera, a senior market economist with Sumitomo Mitsui Trust in Tokyo.
The dollar was trading against the Indian rupee at Rs 66.81, the greenback was at 4.2590 in terms of the Malaysian ringgit and the US current was at 6.396 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday. 78.94-78.95 (previous 78.93-78.93).
In the second Asian trade, the dollar was on the cusp of reaching its highest in nearly 13 years against a basket of currencies, with the euro pinned down by expectations of aggressive policy easing from the European Central Bank.
The dollar index stood at 100.200, having come within a whisker of the March peak of 100.390. A break there would take it to highs not seen since April 2003.
The index ended November with a gain of 3.4 percent, its second-biggest monthly rise this year. Against the yen, the greenback popped above 123.00 for the first time in a week, but remained below November's three-month high of 123.77.
The dollar was available against the Indian rupee at
Rs 66.48, the greenback was at 4.2330 in terms of the Malaysian ringgit and the US currency was trading in relation to the Chinese yuan at 6.3985. Inter bank buy/sell rates for the taka against the dollar on Tuesday. 78.94-78.95 (previous 78.94-78.95).
In the third Asian trade, the US dollar edged back toward multi-month highs, taking back some ground lost when bulls got cold feet after data showed US manufacturing contracted in November for the first time in three years.
The dollar index inched up about 0.1 percent to 99.894, after skidding below an 8-1/2-month high of 100.310 set on Monday - a high within a few ticks of its 12-year peak of 100.390 set in March.
The dollar was trading against the Indian rupee at Rs 66.63, the greenback was at 4.2215 in terms of the Malaysian ringgit and the US currency was at 6.3987 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday. 78.95-78.95 (previous 78.94-78.95.
In the forth Asian trade, the euro hovered near a 7-1/2-month low against the dollar as investors braced for the European Central Bank to roll out more stimulus, giving an extra boost to the US currency after it scaled new heights on the prospect of a Federal Reserve rate hike.
The divergence in monetary policy between the two currencies was highlighted anew on Wednesday when Federal Reserve Chair Janet Yellen hinted at a rate hike later this month.
Her hawkish comments sent the euro to $1.05500, its lowest level against the greenback since mid-April, though profit-taking ahead of the ECB's policy announcement helped to push the single currency back to $1.0610.
The dollar was trading against the Indian rupee at Rs 66.72, the greenback was at 4.2270 versus the Malaysian ringgit and the US currency was 6.3983 terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday. 78.94-78.95 (previous 78.95-78.95).
In the final Asian trade, the euro held onto lavish gains after boasting its biggest one-day surge in nearly seven years as the latest round of policy easing by the European Central Bank (ECB) fell well short of investors' lofty expectations.
Bears scrambled to unwind short euro positions on a bare-minimum easing package in which the ECB cut its deposit rate by a mere 10 basis points and extended its asset buys by six months.
The euro last traded at $1.0937 after shooting up 3.1 percent, its biggest one-day gain since March 2009. It had been as low as $1.0523, a level not seen since April.
The dollar was trading against the Indian rupee at Rs 66.85, the greenback was at 4.2015 in terms of the Malaysian ringgit and the US currency was at 6.3967 versus the Chinese yuan.
At the weekend, the US dollar regained some ground against the euro after European Central Bank president Mario Draghi said the ECB could deploy more stimulus if needed, leading traders to re-establish short positions in the currency.
The comments came after the ECB announced a bare-minimum easing package on Thursday that disappointed expectations for a more dramatic move and led traders to scramble to unwind hefty short bets against the euro.
The euro hit a session low of $1.08360 after Draghi's comments, but did not stray far from Thursday's elevated levels. The euro posted its biggest one-day percentage gain against the dollar in nearly seven years on Thursday and hit a one-month high of $1.09810.
The euro remained on track for its biggest weekly percentage gain against the dollar in seven months.
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