THE RUPEE: mixed patterns

The rupee moved both ways against the dollar on the money market during the week, ended on July 22, 2017. The rupee showed no major changes against the dollar owing to the comfortable supply of US currency, money experts said. It is most likely that if dollars' supply improves, the rupee may not fluctuate sharply in terms of the greenback.
OPEN MARKET RATES: The rupee lost 40 paisas in terms of the dollar for buying and selling at Rs 107.30 and Rs 107.40. The rupee also fell sharply versus the euro for buying and selling at Rs 124.60 and Rs 125.60.
INTER-BANK MARKET RATES: The rupee gained six paisas in relation to the dollar for buying and selling at Rs 105.33 and Rs 105.35.
OPEN MARKET RATES: On Monday, the rupee lost 10 paisas in relation to the dollar for buying and selling at Rs 106.90 and Rs 107.10. The rupee was trading against the euro for buying at Rs 121.50 and Rs 122.50.
On Tuesday, the rupee continued its decline versus the dollar, shedding more 10 paisas for buying and selling at Rs 107.00 and Rs 107.20. The rupee was trading in relation to the euro for buying and selling at Rs 122.70 and Rs 123.70. On Wednesday, the rupee, versus the dollar, depicted no change on buying counter at Rs 107.00 while it lost five paisas for selling at Rs 107.25. The rupee also picked up 30 paisas in relation to the euro for buying and selling at Rs 122.40 and Rs 123.40.
On Thursday, the rupee also shed eight paisas versus the dollar for buying and selling at Rs 107.10 and Rs 107.30 respectively, they said. The rupee did not fluctuate sharply in terms of the euro for buying and selling at Rs 122.30 and 123.30. On Friday, the rupee also did not show any change against the dollar for buying and selling at Rs 107.10 and Rs 107.30. The rupee was trading versus the euro for buying and selling at Rs 122.30 and Rs 123.30.
On Saturday, the rupee lost 20 paisas in terms of the dollar for buying and selling at Rs 107.30 and Rs 107.50. The rupee fell sharply in relation to the euro, losing Rs 2.30 for buying and selling at Rs 124.60 and Rs 125.60.
INTER-BANK MARKET RATES: On July 17, the rupee fluctuated slightly versus the dollar at Rs 105.39 and Rs 105.40. On July 18, the rupee moved slightly versus the dollar for buying and selling at Rs 105.39 and Rs 105.41. On July 19, the rupee gained 17 paisas versus the dollar for buying at Rs 105.22 and 15 paisas for selling at Rs 105.26.
On July 20, the rupee lost 10 paisas against the dollar for buying and selling at Rs 105.33 and Rs 105.35.
On July 21, the rupee held the overnight levels versus the dollar for buying and selling at Rs 105.33 and Rs 105.35.
OVERSEAS MARKET OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar huddled near a 10-month trough as upbeat Chinese news and the prospect of only gradual policy tightening in the United States sent investors piling into leveraged positions in higher yielding currencies and risky assets.
The dollar was trading against the Indian rupee at Rs 64.353, the greenback was at 4.291 in terms of the Malaysian ringgit and the US currency was available at 6.769 versus the Chinese yuan. In the second Asian trade: The US dollar sank to a 10-month low against a basket of major currencies on Tuesday, hobbled by uncertainty over the pace of the Federal Reserve's policy tightening and worries that President Donald Trump will fail to deliver healthcare reforms. The dollar's index against a basket of six major currencies sank to a 10-month low of 94.75. From its 14-year peak of 103.82 touched on January 3, it has lost 8.4 percent.
Two more Republican Senators, Jerry Moran and Mike Lee, announced their opposition on Monday to a revised Republican healthcare bill, delivering a serious blow to the legislation. Friday's weak reading on US inflation and retail sales also fanned speculation that the Fed may not have justification for another rate hike by the end of this year, despite policymakers' projection for such a move. Money market instruments are now pricing in less than 50 percent chance of a rate increase during the rest of the year.
The dollar was trading against the Indian rupee at Rs 64.345, the greenback was at 4.284 in terms of the Malaysian ringgit and the US currency was available at 6.761 versus the Chinese yuan.
In the third Asian trade, the dollar nursed losses on Wednesday after skidding to a 10-month low against a currency basket as Republican legislators' failure to pass a stalled healthcare bill raised fears for the rest of President Donald's Trump reform agenda.
Republican efforts to overhaul or repeal Obamacare collapsed in the US Senate on Tuesday, rattling financial markets and casting doubt on the chances of getting Trump's economic plans, such as tax reform and stimulus, through a divided Congress. The dollar index, which tracks the greenback against a basket of six major rivals, edged up 0.2 percent to 94.780 after falling as low as 94.476 on Tuesday, its lowest level since September 2016.
The euro inched 0.2 percent lower to $1.1534, after rising as high as $1.1583 on Tuesday, its highest since May 2016. The dollar was trading against the Indian rupee at Rs 64.320, the greenback was at 4.283 in terms of the Malaysian ringgit and the US currency was available at 6.757 versus the Chinese yuan. In the fourth Asian trade, the euro held near a 14-month high against the dollar on Thursday as investors look to hints from the European Central Bank on tapering of its stimulus, while the yen barely budged after the Bank of Japan kept monetary policy on hold.
The ECB is expected to lay the groundwork for an autumn policy shift when it meets on Thursday, emphasising improved growth while trying to temper expectations after previously setting off a mini-tantrum in financial markets. ECB President Mario Draghi opened the door to policy tweaks in a speech in Sintra, Portugal, in late June, leading to expectations that the ECB is ready to announce cuts in its asset purchasing programme.
The euro is now at $1.1515, backing off a tad from Tuesday's $1.1583, its highest level since May 2016 but still maintaining gains of 3.0 percent since Draghi's Sintra speech. The dollar was trading against the Indian rupee at Rs 64.380, the greenback was at 4.288 in terms of the Malaysian ringgit and the US currency was available at 6.765 versus the Chinese yuan.
In the final Asian trade, the dollar headed for weekly losses on Friday, wallowing at its lowest levels against the euro in nearly two years after what markets perceived as hawkish talk from European Central Bank chief Mario Draghi. But the Australian dollar skidded against the greenback after contrastingly dovish comments from a Reserve Bank of Australia official.
The dollar index, which tracks the U.S. currency against a basket of six major rivals, was flat on the day at 94.322, not far from its overnight low of 94.090, its deepest nadir since August 2016. It was down 0.9 percent for the week. The euro caught its breath and steadied at $1.1626 after climbing as high as $1.1659 on Thursday, its loftiest level since August 2015.
Draghi said that no exact date had been set for discussing any changes to the ECB's ultra-easy monetary programme but did say policymakers would revisit the topic in the autumn. The dollar was trading against the Indian rupee at Rs 64.335, the greenback was at 4.285 in terms of the Malaysian ringgit and the US currency was available at 6.765 versus the Chinese yuan. At the week-end, the US dollar hit its lowest level in more than a year against a basket of major rivals a day after the European Central Bank's chief abstained from talking down the euro, while obstacles to US President Donald Trump's policy agenda also weighed.
The dollar index touched 93.854, its lowest level since June of last year, and was last down about 0.5 percent at 93.885. The euro touched $1.1682, its highest level against the dollar in nearly two years, and was last up 0.4 percent on the day at $1.1674.