Range-bound trade was witnessed on the money market as the rupee moved cautiously against the dollar, the week ending on August 20, 2016.
In the interbank market, the rupee almost sustained its previous week's level versus the dollar for buying and selling at Rs 104.70 and 104.72.
In the open market, the rupee rose by five paisas in terms of the dollar for buying and selling at Rs 106.15 and Rs 106.35. While the rupee lost Re. one against the euro for buying and selling at Rs 119.30 and Rs 120.30.
According to the report, the foreign direct investment (FDI) declined by eleven percent in July. Short fall in FDI is not a healthier sign, may create dearth of dollar in the coming days.
If the country's remittances improve, this factor could help to flow the supply of dollars, they said.
In the meantime, the country's foreign exchange reserves rose to 22.62 billion dollars, giving impression that dollars' flow may increase, experts said.
INTER-BANK MARKET: On Monday, the rupee shed five paisas against the dollar for buying and selling at Rs 104.70 and 104.71. On Tuesday, the rupee shed two paisas against the dollar for buying and selling at Rs 104.71 and 104.73.
On Wednesday, the rupee was firm against the dollar, maintaining last levels for buying and selling at Rs 104.71 and Rs 104.72. On Thursday, the rupee was almost unchanged against the dollar for buying and selling at Rs 104.70 and 104.72. On Friday, the rupee held the overnight levels against the dollar for buying and selling at Rs 104.70 and 104.72.
OPEN MARKET RATES: On August 15, the rupee held the week-end levels in terms of the dollar for buying and selling at Rs 106.20 and Rs 106.40, they said. While, the rupee fell by 25 paisas against the euro for buying and selling at Rs 118.25 and Rs 119.25. On August 16, the rupee did not move any side in terms of the dollar for buying and selling at Rs 106.20 and Rs 106.40, they said. While, the rupee lost Re.one against the euro for buying and selling at Rs 119.25 and Rs 120.50, they added.
On August 17, the rupee was unchanged in relation to the dollar for buying and selling at Rs 106.20 and Rs 106.40, they said. The national currency was up versus the euro, picking up 25 paisas for buying and selling at Rs 119.00 and Rs 120.00.
On August 18, the rupee did not move any side in terms of the dollar for buying and selling at Rs 106.20 and Rs 106.40. While, the rupee lost 40 paisas against the euro for buying and selling at Rs 119.40 and Rs 120.40.
On August 19, the rupee was unchanged in terms of the dollar for buying and selling at Rs 106.20 and Rs 106.40. While, the rupee rose by 10 paisas against the euro for buying and selling at Rs 119.30 and Rs 120.30. On Saturday, the rupee picked up five paisas in terms of the dollar for buying and selling at Rs 106.15 and Rs 106.35. While, the rupee sustained its overnight levels against the euro for buying and selling at Rs 119.30 and Rs 120.30.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar was on the defensive, weighed by downbeat US data that tempered expectations of a near-term interest rate hike by the Federal Reserve.
The dollar was trading against the Indian rupee at 66.89, the greenback was at 4.0190 versus the Malaysian ringgit and the US currency was at 6.6478 in relation to the Chinese yuan.
In the second Asian trade, the dollar hit a one-month low against the yen, staying on the defensive after recent US economic data were seen likely to limit the prospects of a near-term Fed interest rate hike.
The dollar was available versus the Indian rupee at Rs 66.82, the greenback was 3.9930 versus the Malaysian ringgit and the US currency was at 6.6363 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 edged away from 7-week lows against the yen and euro on Wednesday following hawkish comments from Federal Reserve officials, but the modesty of the bounce underlined market scepticism about the central bank's willingness to continue tightening policy.
The dollar was trading against the Indian rupee at Rs 66.76, the greenback was at 4.0010 versus the Malaysian ringgit and the US currency was at 6.6301 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 dollar sagged after minutes from the Federal Reserve's July meeting showed more policy members opposed a near-term rate hike than supported it.
The dollar was trading against the Indian rupee at Rs 66.82 , the greenback was at 3.9900 in terms of the Malaysian ringgit and the US currency was at 6.6269 versus 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 wallowed close to eight-week lows against the euro, and was poised for weekly losses against its major counterparts, after minutes of the US Federal Reserve's July meeting revealed central bank policymakers were in no hurry to hike rates.
The dollar was trading against the Indian rupee at Rs 66.94, the greenback was at 4.0040 in terms of the Malaysian ringgit and the US currency was at 6.6447 in relation to the Chinese yuan.
At the week-end, the US dollar rebounded from nearly eight-week lows against the euro and Swiss franc on Friday a day after a top Federal Reserve official joined a growing chorus signalling support for a US interest rate hike in coming months.
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