The rupee failed to come out of recent weakness against the dollar on the money market during the week, ended on November 19, 2016. In the interbank market, the rupee shed three paisas in relation to the dollar for buying and selling at Rs 104.84 and Rs 104.85.
In the open market, the rupee gave up 30 paisas versus the greenback for buying and selling at Rs 106.50 and Rs 106.70. The rupee, however, gained Rs 1.50 in relation to the euro for buying and selling at Rs 113.00 and Rs 114.50.
In the beginning sessions of the week, the rupee tumbled due to strong demand for dollars, experts said.
The dollars supply may improve in the coming days, in the meantime, country's foreign exchange amounted to 24 billion dollars.
To bring economy on track reports showing that Pakistan needs to increase it's saving and investment levels, on the one hand, imports are rising and on the other hand, falling exports continue to pose a major challenge for a sustainable external account.
Instability on the political and economical fronts, caused fall in the rupee value against the dollar, dealers said.
INTER-BANK MARKET RATES: On Monday, the rupee fell against the dollar, losing five paisas for buying and selling at Rs 104.81 and Rs 104.83. On Tuesday, the rupee inched up against the dollar for buying and selling at Rs 104.80 and Rs 104.82.
On Wednesday, the rupee shed one paisa against the dollar for buying and selling at Rs 104.81 and Rs 104.83.
On Thursday, the rupee shed three paisas against the dollar for buying and selling at Rs 104.84 and Rs 104.85. On Friday, the rupee inert against the dollar for buying and selling at Rs 104.84 and Rs 104.85.
OPEN MARKET RATES: On November 14, the rupee dropped by 10 paisas more in terms of the dollar for buying and selling at Rs 106.20 and Rs 106.40, they said.
The rupee, however, gained 80 paisas in relation to the euro for buying and selling at Rs 114.50 and Rs 116.00, they said.
On November 15, the rupee failed to come out of weakness in terms of the dollar, losing 30 paisa for buying and selling at Rs 106.50 and Rs 106.70, they said.
The rupee, however, showed no variations in relation to the euro for buying and selling at Rs 114.50 and Rs 116.00. On November 16, the rupee recovered 10 paisas in terms of the dollar for buying and selling at Rs 106.40 and Rs 106.60. The rupee also gained 50 paisas in relation to the euro for buying and selling at Rs 114.00 and Rs 115.50.
On November 17, the rupee recovered further 20 paisas in terms of the dollar for buying and selling at Rs 106.20 and Rs 106.40. The rupee was almost unchanged in relation to the euro for buying and selling at Rs 114.00 and Rs 115.00.
On November 18, the rupee reversed it overnight gains versus the greenback, losing 20 paisas for buying and selling at Rs 106.40 and Rs 106.60. The rupee gained sharply in relation to the euro, picking up 80 paisas for buying and selling at Rs 113.20 and Rs 114.70.
On November 19, the rupee gave up 10 paisas versus the greenback for buying and selling at Rs 106.50 and Rs 106.70, they said.
The rupee gained 20 paisas in relation to the euro for buying and selling at Rs 113.00 and Rs 114.50, they said.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar rose to a nine-month high against a basket of major currencies, riding climbing US yields and seen to be at the cusp of a renewed bull phase following Donald Trump's US election win.
The dollar was trading against the Indian rupee at Rs 67.25, the greenback was trading against the Malaysian ringgit at 4.3250 and the US currency as 6.8262 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday. 78.51-78.52 (previous 78.50-78.50).
In the second Asian trade, The dollar is closing in on a test of its highest level in almost 14 years as bond yields soared after Donald Trump's election to president, bringing buyers back to the US currency.
The dollar was trading against the Indian rupee at Rs 67.70, the greenback was at 4.3300 in terms of the Malaysian ringgit and the US currency was available at 6.8607 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday. 78.53-78.56 (previous 78.51-78.52).
In the third Asian trade, the dollar retreated from an 11-month high against a basket of currencies, taking a breather from a week-long rally driven by a rise in US bond yields after Donald Trump won the presidential election.
The dollar was trading against the Indian rupee at Rs 67.72, the greenback was available at 4.3450 versus the Malaysian ringgit and the US currency was at 6.8694 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday. 78.57-78.58 (previous 78.53-78.56).
In the fourth Asian trade, the dollar caught its breath, after charging to a 13-1/2 year high against a basket of currencies on bets the Trump administration will adopt inflationary policies, while the yen sagged after a Bank of Japan bond-buying operation.
The dollar was trading against the Indian rupee at Rs 67.88, the greenback was at 4.3850 in terms of the Malaysian ringgit and the US currency was at 6.8697 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday. 78.58-78.58 (previous 78.57-78.58.
In the final Asian trade, the dollar was gunning for robust weekly gains, which accelerated after Federal Reserve Chair Janet Yellen provided a strong signal that US interest rates will likely increase by year-end.
While Yellen did not explicitly say the Fed would take action at its December 13-14 policy meeting, she told a Congressional committee that a rate hike was likely "relatively soon."
The dollar was trading against the Indian rupee at Rs 68.08, the US currency was available at 4.4090 versus the Malaysian ringgit and the greenback was available at 6.8899 in relation to the Chinese yuan.
At the week-end, the dollar rose to its highest level since April 2003 against a basket of currencies, marking its biggest two-week increase since March 2015 as traders piled bets on a massive dose of fiscal stimulus under a Trump US presidency.
Also stoking the dollar rally were growing expectations the Federal Reserve would raise interest rates next month on signs of rising inflation and improved economic growth.
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