The rupee moved with gradual fluctuations against the dollar on the money market during the week, ended on April 16, 2016. In the interbank market, the rupee rose by four paisas versus the dollar for buying and selling at Rs 104.70 and Rs 104.71.
In the open market, the rupee shed five paisas against the dollar for buying and selling at Rs 105.25 and Rs 105.45. The domestic currency, however, gained Rs 1.70 in relation to the euro for buying and selling at Rs 118.30 and Rs 119.30.
The rupee performed well versus the dollar amid strong demand for the US currency, experts said. It was noted that the dollar was short of demand as some investors indulged in extended buying to meet urgent requirements, they added.
Report showing, the Monetary Policy Committee of the State Bank of Pakistan (SBP) last week has decided to maintain the policy rate at six percent to control inflation rate.
Besides, according to the SBP, country's foreign exchange reserves fell to 20.83 billion dollars.
INTER-BANK MARKET RATES: On Monday, the rupee shed two paisas against the dollar for buying and selling at Rs 104.74 and Rs 104.75. On Tuesday, the rupee gained two paisas against the dollar for buying and selling at Rs 104.72 and Rs 104.74.
On Wednesday, the rupee inched up by one paisa against the dollar for buying and selling at Rs 104.71 and Rs 104.72. On Thursday, the rupee gained two paisas against the dollar for buying and selling at Rs 104.68 and Rs 104.70. On Friday, the rupee picked up two paisas in relation to the dollar for buying and selling at Rs 104.70 and Rs 104.71.
OPEN MARKET RATES: On April 11, the rupee did not budge any side against the dollar for buying and selling at Rs 105.20 and Rs 105.40. While, the rupee picked up 10 paisas in relation to the euro for buying and selling at Rs 119.40 and Rs 120.40. On April 12, the rupee was unchanged against the dollar for buying and selling at Rs 105.20 and Rs 105.40, they said. While, the rupee recovered 10 paisas in relation to the euro for buying and selling at Rs 119.30 and Rs 120.30.
On April 13, the rupee remained unchanged versus the dollar for buying and selling at Rs 105.20 and Rs 105.40. The local currency gained 90 paisas in relation to the euro for buying and selling at Rs 118.40 and Rs 119.40.
On April 14, the rupee, however, shed 10 paisas in terms of the dollar for buying and selling at Rs 105.30 and Rs 105.50, they said. While, the rupee recovered 25 paisas in relation to the euro for buying and selling at Rs 118.15 and Rs 119.15.
On April 15, the rupee also gained five paisas in terms of the dollar for buying and selling at Rs 105.25 and Rs 105.45, they said. While, the rupee shed five paisas in relation to the euro for buying and selling at Rs 118.20 and Rs 119.20.
On April 16, the rupee did not move any side versus the dollar for buying and selling at Rs 105.25 and Rs 105.45. While, the rupee shed 10 paisas in relation to the euro for buying and selling at Rs 118.30 and Rs 119.30.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, demand for the yen showed little signs of abating, with the currency reaching a fresh 17-month high, prompting the Japanese government to warn that it could take steps to weaken the exchange rate.
Chief Cabinet Secretary Yoshihide Suga told a news conference the government was closely monitoring the foreign exchange market with a sense of urgency, noting the yen moves were one-sided and speculative.
The dollar fell as far as 107.63 yen, surpassing last week's trough of 107.67 and extending last week's 3.3 percent drop. It has since drifted back to 107.91, down 0.2 percent on the day.
The dollar was trading against the Indian rupee at Rs 66.38, the greenback was at 3.8810 in terms of the Malaysian ringgit and the US currency was at 6.4662 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 US dollar remained on the defensive on Tuesday, after carving out a fresh low on the break of a technical barrier overnight as momentum sellers joined in the fray.
The dollar index was swept to a near eight-month low of 93.748 on Monday as the October trough of 93.806 gave way. It has since drifted back to 94.015 in early Asia.
Still, the index has shed nearly 3 percent after recent dovish comments by Federal Reserve Chair Janet Yellen doused expectations for hikes in US interest rates anytime soon.
The dollar was trading against the Indian rupee at Rs 66.46, the greenback was at 3.8860 versus the Malaysian ringgit and the US currency was at 6.4670 in terms of 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 third Asian trade, most emerging Asian currencies rose on Wednesday as upbeat Chinese trade data indicated signs of stabilisation in the world's second-largest economy, supporting risk sentiment and commodity prices.
The Singapore dollar, however, slid ahead of the central bank's semi-annual monetary policy announcement on Thursday.
The dollar was trading against the Indian rupee at Rs 66.43, the greenback was at 3.8670 versus the Malaysian ringgit and the US currency was at 6.4669in terms of the Chinese yuan.
In the fourth Asian trade, the dollar was broadly firmer, having posted its biggest one-day gain in more than a month as an improvement in global sentiment led investors to trim bearish dollar positions.
A surprise policy easing by Singapore's central bank, citing a tougher outlook for economic growth, also boosted regional equities and gave the dollar a lift against that country's currency.
The greenback was up about 0.9 percent at 1.3631 Singapore dollars after the Monetary Authority of Singapore said it will set the rate of appreciation of the currency's nominal effective exchange rate (NEER) policy band at zero percent, starting on Thursday.
The dollar was trading against the Indian rupee at Rs 66.64, the greenback was at 3.9010 versus the Malaysian ringgit and the US currency was at 6.4828 in relation to the Chinese yuan.
In the final Asian trade, the dollar rose on Friday, staying on track for weekly gains as investors awaited the outcome of a Group of 20 meeting in Washington whose agenda is likely to feature currency policies.
The perceived safe-haven yen dipped as risk sentiment improved after a spate of Chinese economic data pointed to signs the slowdown in the world's second largest economy may be bottoming out.
Official comments on the yen's recent appreciation also quelled buying interest. The euro edged down about 0.1 percent to $1.1261 from a six-month high of $1.1465 touched on Tuesday, set to shed about 1.3 percent for the week. Against the yen, the euro added about 0.2 percent to 123.47, up 0.2 percent for the week.
The dollar was trading against the Indian rupee at Rs 66.64, the US currency was at 3.9010 in terms of the Malaysian ringgit and the greenback was at 6.4861 versus the Chinese yuan.
At the week-end, the dollar fell broadly on Friday as a slide in oil prices ahead of weekend talks among producers in Doha and a soft US consumer sentiment report capped risk appetite and spurred investors to buy safe-haven currencies such as the yen.
The dollar index, tracking the greenback's value against six currencies, posted losses after two straight days of gains. The US currency's fall versus the yen was the largest daily loss in more than a week.
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