A stable trend was seen on the money market as the rupee managed to hold present trend versus the dollar during the week, ended on July 16, 2016. In the interbank market, the rupee did not move sharply versus the dollar for buying and selling at Rs 104.84 and Rs 104.85.
In the open market, the rupee rose by five paisas in relation to the dollar for buying and selling at Rs 105.15 and Rs 105.35, they said. The rupee, however, lost Rs 1.20 in terms of the euro for buying and selling at Rs 116.20 and Rs 117.20.
Reports showing that the county's foreign exchange reserves hit all-time high at 23 billion dollars. Besides, 20 billion dollars received this year, which helped the dollar's supply slightly in the market, other experts said.
INTER-BANK MARKET RATES: On Monday, the rupee almost held the present levels in terms of dollar for buying and selling at Rs 104.85 and Rs 104.86. On Tuesday, the rupee did not move sharply in terms of dollar, keeping present levels for buying and selling at Rs 104.84 and Rs 104.85. On Wednesday, the rupee just shed one paisa in terms of dollar, keeping present levels for buying and selling at Rs 104.85 and Rs 104.86. On Thursday, the rupee remained unchanged against the dollar for buying and selling at Rs 104.85 and Rs 104.86. On Friday, the rupee inched up by one paisa versus the dollar for buying and selling at Rs 104.84 and Rs 104.85.
OPEN MARKET RATES: On July 11, the rupee lost 20 paisas against the dollar for buying and selling at Rs 105.20 and Rs 105.40. The rupee also lost 50 paisas in relation to the euro for buying and selling at Rs 115.00 and Rs 116.00.
On July 12, the rupee was unchanged against the dollar for buying and selling at Rs 105.20 and Rs 105.40. The rupee fell by 50 paisas in relation to the euro for buying and selling at Rs 115.50 and Rs 116.50.
On July 13, the rupee remained unchanged against the dollar for buying and selling at Rs 105.20 and Rs 105.40. The rupee followed the same pattern in relation to the euro, depicting no variation for buying and selling at Rs 115.50 and Rs 116.50.
On July 14, the rupee adopted the same pattern versus dollar for buying and selling at Rs 105.20 and Rs 105.40, they said. The rupee lost 80 paisas in relation to the euro for buying and selling at Rs 116.30 and Rs 117.30, they added.
On July 15, the rupee also gained five paisa in relation to the dollar for buying and selling at Rs 105.15 and Rs 105.35.
The rupee picked up 10 paisas in terms of the euro for buying and selling at Rs 116.20 and Rs 117.20.
On July 16, the rupee depicted no change in relation to the dollar for buying and selling at Rs 105.15 and Rs 105.35, they said. The rupee was also unchanged in terms of the euro for buying and selling at Rs 116.20 and Rs 117.20, they added.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar steadied against the safe-haven yen thanks to an improvement in investors' appetite for riskier assets, but traders said the greenback will be capped longer term by views the Federal Reserve will remain cautious on interest rates.
Job creation in June was much stronger than expected, increasing by 287,000 and easing fears that the US labour market may be faltering.
The euro was steady at $1.1051, after recovering from Friday's low of $1.1002. The dollar index inched up 0.1 percent to 96.351, hovering near an eleven-day high of 96.697 reached on Friday.
The dollar was trading against the Indian rupee at Rs 67.09, the greenback was at 3.9785 versus the Malaysian ringgit and the US currency was available at 6.6883. 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 yen hovered near a one-week low against the dollar, in the wake of a weekend election victory by Japan's ruling coalition that fanned expectations of more economic stimulus including possible monetary easing.
Gains in equity markets and an improvement in risk sentiment also weighed on the safe-haven yen, which rallied after Britain's vote to leave the European Union and adding to worries over global growth.
The dollar eased 0.3 percent to 102.53 yen, after rising to as high as 102.895 yen on Monday, the highest since July 1. The dollar surged nearly 2.2 percent on Monday for its biggest one-day rise against the yen since October 2014.
The dollar was available against the Indian rupee at Rs 67.18, the greenback was at 3.9900 in terms of the Malaysian ringgit and the US currency was at 6.6918 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 yen clawed back some of this week's losses, after it sank to 2-1/2-week lows reached this week as the prospects for more economic stimulus in Japan helped bolster risk sentiment.
The dollar slipped 0.5 percent to 104.20 yen. On Tuesday, the greenback scaled a peak of 104.98 yen, its highest level since June 24. For the week, the dollar was still up about 3.6 percent against the yen. The euro fell 0.5 percent to 115.26 yen but was still up about 3.7 percent so far this week.
The dollar was trading against the Indian rupee at Rs 67.13, the greenback was at 3.9870 in relation to the Malaysian ringgit and the US currency was at 6.6856 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 78.40-78.40 (previous 78.40-78.40).
In the fourth Asian trade, the yen surrendered its gains in Asia, while sterling pushed higher but remained capped ahead of a Bank of England meeting that is expected to deliver an easing to blunt the economic fallout of Britain's vote to leave the European Union.
The BoE is expected to announce a cut to its benchmark interest rate to a record low of 0.25 percent from 0.5 percent when its makes its monthly policy statement at 1100 GMT.
The dollar was trading against the Indian rupee at Rs 66.96, the greenback was at 3.9575 versus the Malaysian ringgit and the US currency is at 6.6883 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday: 78.40-78.40 (previous 78.40-78.40).
In the final Asian trade, the dollar extended its gains and scaled a three-week high against the yen, after China's second-quarter gross domestic product and June activity data pointed to stabilisation in China's economy and bolstered risk sentiment.
The dollar touched a high of 106.235 yen as at 0221 GMT, its highest level since June 24. The greenback was last trading at 106.19 yen, up 0.8 percent on the day.
The dollar was trading against the Indian rupee at Rs 67.07, the greenback was at 3.9590 in terms of the Malaysian ringgit and the US currency was at 6.6835 versus the Chinese yuan.
At the week-end, the dollar rose to a three-week high against the yen on Friday and posted its largest weekly gain against the Japanese currency in 17 years after strong US and Chinese economic data diminished the appetite for the yen as a haven from risk.
US retail sales rose 0.6 percent in June, strongly outpacing the 0.1 percent rise expected by economists.
It was the third straight month of gains and lifted sales 2.7 percent from a year ago.
Dean Popplewell, chief currency strategist at Oanda in Toronto, said the data's surprise to the upside was a big positive for the dollar.
"That's leading the market to consider re-pricing potential (interest rate) hikes again."
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