The rupee hit new record lows against the dollar in both the inter-bank market and open market during the shortened week, ended on 14, 2018 due to Eid-ul-fitr holidays. In the inter-bank market, the rupee dropped Rs 1.50 against the dollar for buying and selling at Rs 121.00 and Rs 121.50.
In the open market, the rupee lost Re one in terms of the dollar for buying at Rs 122.00 and Rs 123.00. The rupee fell sharply against the euro, dropping Rs 1.75 for buying and selling at Rs 141.75 and Rs 143.75. Analysts observed that since, the week started, the national currency started showing it's weakness versus the dollar. Last Monday, the State Bank of Pakistan (SBP) devalued the rupee by 3.8 percent against the dollar to give a boost to the exports and to avert a balance of payments crisis.
During the out going fiscal year, the rupee fell sharply against the dollar, this factor propelled investors, particularly banks to hoard dollars, they said. Causing dearth of dollars in the market, pushing the rates up and it is most likely that the rupee may fell but with gradual pace in terms of the greenback, experts said. The dollar is easily available at Rs 124 against the rupee in the open market, they said.
INTER-BANK MARKET RATES: On Monday, the rupee hit new record lows against the dollar for buying and selling at Rs 119.50 and Rs 120.00. On Tuesday, the rupee shed 25 paisas in terms of the dollar for buying and selling at Rs 119.50 and Rs 120.25, they said. On Wednesday, the rupee lost 50 paisas in terms of the dollar for buying at Rs 120.25 and it also shed 25 paisas for selling at Rs 120.50.
Thursday, the rupee lost 75 paisas in terms of the dollar for buying at Rs 121.00 and it also dropped Re one for selling at Rs 121.50.
OPEN MARKET RATES: On June 11, the local currency was available at Rs 121.00 and Rs 121.50, dealers said. The rupee was available against the euro at Rs 140.00 and Rs 142.00. On June 12, the local currency was at Rs 121.00 and Rs 121.50, dealers said. The rupee lost 50 paisas against the euro for buying and selling at Rs 140.50 and Rs 142.50, they said. On June 13, the local currency dropped by 20 paisas at Rs 121.20 and Rs 121.70, dealers said. The rupee was unchanged against the euro for buying and selling at Rs 140.50 and Rs 142.50, they said.
On June 14, the rupee toppled in terms of the dollar in the open market, losing 80 paisas for buying at Rs 122.00 and it lost Re one for selling at Rs 123.00, dealers said. Similarly, the rupee fell sharply against the euro, dropping Rs 1.25 for buying and selling at Rs 141.75 and Rs 143.75, they said.
OVERSEAS OUTLOOT FOR DOLLAR: In the first Asian trade, the yen ticked higher while the Canadian dollar fell modestly on Monday, after US President Donald Trump threw the G7's efforts to show a united front into disarray though market reaction was relatively muted. The euro edged up as traders looked to the European Central Bank's policy meeting on Thursday for when and how it would wind up its bond purchases and eventually lift interest rates from current deep negative levels.
The dollar was available against the Indian rupee at Rs 67.350, the greenback was trading versus the Malaysian ringgit at 3.987 and the US currency was at 6.407 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 83.70-83.70 (Previous 83.70-83.70).
In the second Asian trade, the dollar edged up to a three-week high against the yen on Tuesday, elevated by hopes that the closely-watched US-North Korea summit can pave the way towards a reduction in tensions between the two old foes.
The dollar was trading against the Indian rupee at Rs 67.490, the greenback was at 3.9870 in terms of the Malaysian ringgit and the US currency was at 6.403 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday. 83.70-83.70 (Previous 83.70-83.70) In the third Asian trade, the dollar reached a three-week high against the yen and stood tall against the euro on Wednesday ahead of a Federal Reserve policy meeting that could give clues on how many more US rate hikes there will be this year.
The dollar index against a basket of six major currencies inched up 0.09 percent to 93.888, after rising 0.25 percent the previous day. The dollar was 0.25 percent higher at 110.660 yen after brushing 110.68, its highest since May 23.
The dollar was available against the Indian rupee at Rs 67.565, the greenback was at 3.994 in terms of the Malaysian ringgit and the US currency was at 6.403 in relation to the Chinese yuan.
In the fourth Asian trade, the dollar slipped back from three-week highs against the yen on Thursday, quickly erasing gains made after the Federal Reserve took a slightly more hawkish policy tone in signalling two more rate hikes by year-end thanks to a solid outlook for the world's biggest economy. The dollar was trading against the Indian rupee at Rs 67.675, the greenback was at 3.983 versus the Malaysian ringgit and the US currency was available at 6.394 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 83.70-83.70 (Previous 83.70-83.70).
Comments
Comments are closed.