The rupee showed modest recovery against the dollar on the money market during the week, ended on March 19, 2016. In the interbank market, the national currency almost held it's levels versus the dollar for buying and selling at Rs 104.68 and Rs 104.70.
In the open market, the rupee recovered 20 paisa in relation to the dollar for and selling and selling at Rs 105.40 and Rs 105.60. The rupee, however, shed five paisas in relation to the euro for buying and selling at Rs 118.20 and Rs 119.20.
The rupee managed to hold the steadier trend against the dollar due to improved supply of dollar. It is most likely that the rupee may sustain its levels in the coming days, experts said.
According to the State Bank of Pakistan (SBP), country's foreign exchange reserves stood at 20.718 billion dollar.
INTER-BANK MARKET RATES: On Monday, the rupee shed one paisa versus the dollar for buying Rs 104.67 and the national currency was also down by two paisas for selling at Rs 104.70. On Tuesday, the rupee inched up by one paisa versus the dollar for buying and selling at Rs 104.66 and Rs 104.69. On Wednesday, the rupee picked up two paisas against the dollar for buying at Rs 104.64 and it also gained three paisas at Rs 104.66.
On Thursday, the rupee shed four paisas versus the dollar for buying and selling at Rs 104.68 and Rs 104.70. On Friday, the rupee did not budge any side against the dollar for buying and selling at Rs 104.68 and Rs 104.70.
OPEN MARKET RATES: On March 14, the rupee retained it's value against the dollar for buying and selling at Rs 105.60 and Rs 105.80. While, the rupee managed to recover Rs 1.20 in terms of the euro for buying and selling at Rs 116.90 and Rs 117.90. On March 15, the rupee did not budge any side versus the dollar for buying and selling at Rs 105.60 and Rs 105.80. While, the rupee shed 10 paisas in terms of the euro for buying and selling at Rs 117.00 and Rs 118.00. On March 16, the rupee rose by 10 paisas versus the dollar for buying and selling at Rs 105.50 and Rs 105.70. The rupee also appreciated 20 paisas in terms of the euro for buying and selling at Rs 116.80 and Rs 117.80.
On March 17, the rupee, however, gained 20 paisas in terms of the dollar for buying and selling at Rs 105.40 and Rs 105.60. While, the rupee fell sharply against the euro for buying and selling at Rs 118.10 and Rs 119.10. On March 18, the rupee followed the same print in the open market, depicting no change in terms of the dollar for buying and selling at Rs 105.40 and Rs 105.60. The rupee shed five paisas in relation to the euro for buying and selling at Rs 118.15 and Rs 119.15.
On March 19, the rupee did not budge any side against the dollar for buying and selling at Rs 105.40 and Rs 105.60. The rupee, however, shed five paisas in relation to the euro for buying and selling at Rs 118.20 and Rs 119.20.
OVERSEAS OUTLOOK FOR DOLALR: In the first Asian trade, the dollar steadied against the euro and yen following last week's large swings, as the market braced for Japanese and US central bank policy meetings that could provide investors with fresh incentive.
The euro was little changed at $1.1156, not far from a one-month high of $1.1218 set on Thursday when it soared after the European Central Bank eased extensively but also signalled that it may limit future interest rate cuts.
The dollar was trading against the Indian rupee at Rs 66.95, the greenback was at 4.0900 in terms of the Malaysian ringgit and the US currency was at 6.4932 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 78.40-78.40 (previous 78.40-78.40).
In the second Asian trade, The dollar edged lower in Asian trade on Tuesday, with the yen getting a lift after the Bank of Japan held policy steady as expected at the conclusion of its two-day policy meeting.
Next up will be the US Federal Reserve, which begins its own two-day meeting on Tuesday. Major currency pairs are expected to tread familiar ranges as investors await fresh clues on the outlook for US monetary policy.
The BOJ removed language from its statement that it would cut interest rates further into negative territory if needed, and said it would exempt money reserve funds from the negative rates policy. It also offered a bleaker view of the economy than in January.
The euro edged up slightly to $1.1108, within sight of last week's one-month high of $1.1218 touched after the European Central Bank chief Mario Draghi followed the bank's extensive easing on Thursday with comments suggesting further cuts were unlikely.
The dollar was trading against the Indian rupee at Rs 67.22, the greenback was 4.1155 in terms of the Malaysian ringgit and the US currency was at 6.5067 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Tuesday: 78.40-78.40 (previous 78.40-78.40).
In the third Asian trade, the dollar was in a holding pattern on Wednesday as markets waited for fresh guidance from the Federal Reserve, while a fall in dairy prices knocked the New Zealand currency broadly lower.
The dollar index stood at 96.743, stuck in familiar territory since drifting off a one-month low of 95.938 set last Friday. The euro was little changed just above $1.1100.
No policy action is expected from the Fed, but the market will be hyper-sensitive to any guidance on when it might deliver its next hike in interest rates.
In the forth Asian trade, the dollar nursed losses in Asian trading after declining sharply following the US Federal Reserve's decision to halve its outlook for interest rate hikes to two from four by the end of this year.
Fed policymakers noted that the US economy faces risks from an uncertain global economy, even though moderate growth and "strong job gains" would allow it to tighten policy this year.
Against its Japanese counterpart, the dollar edged up 0.2 percent to 112.77 after skidding to a one-week low of 112.335 in the aftermath of the Fed's announcement. The euro inched down 0.1 percent to $1.1214 after the Fed helped propel it to a one-month high of $1.1244.
The dollar was trading against the Indian rupee at Rs 66.94, the greenback was at 4.0860 in relation to the Malaysian ringgit and the US currency was at 6.4988 versus the Chinese yuan.
In the final Asian trade, the yen stood within reach of a 17-month high against the dollar early on Friday, with the Federal Reserve's cautious stance towards hiking interest rates continuing to take a toll on the US currency. The dollar traded little changed at 111.28 yen after sliding to 110.67 overnight, its lowest since October 2014. The greenback was dragged lower as Treasury yields slid after the Fed lowered its expectations for interest rate increases this year.
The euro hovered near a five-week high of $1.1342. The dollar index moved in the opposite direction and stood near a five-month trough of 94.650 plumbed overnight.
The dollar was trading against the Indian rupee at Rs 66.65, the greenback was at 4.0600 versus the Malaysian ringgit and the US currency was at in terms of the Chinese yuan 6.4667.
In the final Asian trade, the yen stood within reach of a 17-month high against the dollar early on Friday, with the Federal Reserve's cautious stance towards hiking interest rates continuing to take a toll on the US currency. The dollar traded little changed at 111.28 yen after sliding to 110.67 overnight, its lowest since October 2014. The greenback was dragged lower as Treasury yields slid after the Fed lowered its expectations for interest rate increases this year.
The euro hovered near a five-week high of $1.1342. The dollar index moved in the opposite direction and stood near a five-month trough of 94.650 plumbed overnight.
The dollar was trading against the Indian rupee at Rs 66.65, the greenback was at 4.0600 versus the Malaysian ringgit and the US currency was at in terms of the Chinese yuan 6.4667.
At the week-end, the dollar rose against most major currencies on Friday, recovering from a five-month low, as traders exited short positions after two straight days of selling in the wake of the Federal Reserve's cautious view on global market developments.
The dollar index, which measures the greenback against six major currencies, was up 0.4 percent but analysts said doubt remained that the US currency would regain its footing in the near term.
It was down by just over 1 percent for the week, marking the third straight week of losses for the index. The dollar rose 0.3 percent to 111.75 yen on Friday, moving further from a 17-month low on Thursday of 110.65. For the week, the dollar shed nearly 2 percent against the yen, its steepest fall against the Japanese currency in five weeks.
Comments
Comments are closed.