The rupee moved higher modestly against the dollar on local money market during the week, ended on October 1st, 2016. In the interbank market, the rupee picked up 14 paisas versus the dollar for buying and selling at Rs 104.60 and Rs 104.62, they said.
In the open market, the rupee picked up five paisas in relation to the dollar for buying and selling at Rs 105.05 and Rs 105.25, they said. The rupee lost 40 paisas in terms of the euro for buying at Rs 117.40 and it rose by 40 paisas for selling at Rs 119.00.
The rupee managed to recover against the dollar despite rising tension at Pak-India border, experts said. They said that rupee may not fluctuate sharply in terms of dollar.
In fact, border tension failed to wipe out gains on the money market, they added. The country's foreign exchange reserves touched an all-time high of 23.4 billion dollars, likely to help rupee to resist decline due to easy supply of dollars, but on the other hand, falling trend in exports of textile products creating uncertainties among traders.
INTER-BANK MARKET RATES: On Monday, the rupee almost held the week-end levels versus the dollar for buying and selling at Rs 104.84 and Rs 104.85, they said. On Tuesday, the rupee gained eight paisas versus the dollar for buying and selling at Rs 104.75 and Rs 104.77. On Wednesday, the rupee maintained rising trend versus the dollar for buying and selling at Rs 104.69 and Rs 104.72.
On Thursday, the rupee did not move sharply versus the dollar for buying and selling at Rs 104.70 and Rs 104.72. On Friday, the rupee picked up 10 paisas versus the dollar for buying and selling at Rs 104.60 and Rs 104.62.
OPEN MARKET RATES: On September 26, the rupee picked up 10 paisas in relation to the dollar for buying and selling at Rs 105.10 and Rs 105.30, they said.
The rupee did not move any side in terms of the euro for buying at Rs 117.00 and selling at Rs 118.50. On September 27, the rupee retained overnight levels in relation to the dollar for buying and selling at Rs 105.10 and Rs 105.30.
The rupee followed the same trend in terms of the euro, showing no change for buying and selling at Rs 117.00 and selling at Rs 118.50.
On September 28, the rupee retained overnight levels in relation to the dollar for buying and selling at Rs 105.10 and Rs 105.30, they said. The rupee rose by 30 paisas in terms of the euro for buying and selling at Rs 116.70 and selling at Rs 118.20.
On September 29, the rupee also remained unchanged in relation to the dollar for buying and selling at Rs 105.10 and Rs 105.30. The rupee shed 30 paisas in terms of the euro for buying and selling at Rs 116.70 and Rs 118.50.
On Saturday, the rupee also gained five paisas in relation to the dollar for buying and selling at Rs 105.05 and Rs 105.25. The rupee was higher by 10 paisas in terms of the euro for buying at Rs 116.60 and it rose by 40 paisas for selling at Rs 118.10.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar wobbled against the yen and euro on Monday, cautiously held in a narrow range ahead of the impending first debate between US presidential candidates that could determine the currency's near-term direction.
The dollar was trading against the Indian rupee at Rs 66.74, the US currency was available at 4.1330 versus the Malaysian ringgit and the greenback was at 6.6699 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 second Asian trade, the dollar was on the back foot and the safe-haven yen was buoyant as caution gripped the market ahead of the closely-watched US presidential debate.
The dollar was trading against the Indian rupee at Rs 66.49, the greenback was available at 4.1160 in terms of the ringgit and the US currency was at 6.6697 versus 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 rose versus the yen on Wednesday, while the euro nursed its losses after retreating on concerns over the health of the European financial system. The euro held steady at $1.1209, languishing below this week's high of $1.1280 set on Monday. The euro had retreated on Tuesday as share prices in Deutsche Bank, Germany's largest lender, fell to a record low on concerns about a $14 billion demand from the US Department of Justice.
The dollar was trading against the Indian rupee at Rs 66.47, the greenback was available at 4.1300 versus the Malaysian ringgit and the US currency was trading at 6.6703 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, commodity-linked currencies held firm after OPEC agreed to cut oil output in the first such deal since 2008, boosting oil prices while a broad gain in risk assets dented the yen.
The dollar was trading against the Indian rupee at Rs 66.54, the greenback was available versus the Malaysian ringgit at 4.1160 and the US currency was at 6.6710 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 safe haven Swiss franc held firm as concerns about the health of Deutsche Bank undermined risk sentiment, while the Japanese yen looked set for its third straight quarter of gains despite suffering a slight loss on the day.
The dollar was available against the Indian rupee at Rs 66.66, the greenback was at 4.1410 in terms of the Malaysian ringgit and the US currency was at 6.6698 in terms of the Chinese yuan.
At the week-end, the euro recovered from a nine-day low against the US dollar on reduced concerns surrounding Deutsche Bank's health, while the greater calm over Germany's biggest lender pressured the safe-haven yen and Swiss franc.
Deutsche Bank's US-listed shares were last up nearly 15 percent after touching record lows on Thursday. The immediate cause of the Deutsche crisis is a fine, disputed by the bank, of up to $14 billion by the US Department of Justice over its sale of mortgage-backed securities. An AFP news agency report that the bank was nearing a cut-price settlement of $5.4 billion helped the euro recover after the currency fell to a nine-day low of $1.1153 around the start of the US trading session.
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