The rupee managed to improve against the dollar on the money market after the announcement of mini budget during the week, ended on 26th January, 2019. The rupee managed to gain modest ground in terms of the dollar for buying and selling at Rs 138.60 and Rs 139.00. The rupee showed slight changes versus the euro for buying and selling at Rs 157.30 and Rs 158.50.
OPEN MARKET RATES: INTER-BANK MARKET RATES: The rupee picked up marginally in terms of the dollar for buying and sellinng at Rs 138.75 and Rs 138.78 According to the marketmen cotton market and stock market showed better performance as volume of business improved after the announcement of mini budget 2019.
Whereas, they observed that country's foreign Exchange Reserves also went up to 8.636 billion dollars after inclusion of 2 billion dollars from Saudi Arabia and Abu Dhabi Fund for Development (ADFD). Pakistan is battling to bring under control a gaping current account deficit that has hurt its economy and lowered growth. The deposit was announced in December. It is aimed at supporting Pakistan's economic growth and helping it achieve its monetary policy targets.
OPEN MARKET RATES: On Monday, the rupee lost 20 paisas versus the dollar for buying at Rs 139.00 and it also shed 10 paisas for selling at Rs 139.40, they said. The rupee, however, gained sharply in relation to the euro for buying and selling at Rs 157.50 and Rs 159.00. On Tuesday, the rupee almost held the overnight levels in terms of the dollar for buying at Rs 139.00 and it, however, shed 10 paisas for selling at Rs 139.50, they said. While, the rupee was available against the euro for buying and selling at Rs 157.50 and Rs 159.00.
On Wednesday, the rupee did not show any change in terms of the dollar for buying and selling at Rs 139.00 and Rs 139.50. While, the rupee was available against the euro for buying and selling at Rs 157.50 and Rs 159.00.
On Thursday, the rupee followed the same pattern in the kerb market as it also posted 20 paisas gains in terms of the dollar for buying and selling at Rs 138.80 and Rs 139.30. The rupee also appreciated by the same amount against the euro for buying and selling at Rs 157.30 and Rs 158.80.
On Friday, the rupee also managed to maintain upward trend in terms of the dollar, picking up 20 paisas for buying and selling at Rs 138.70 and Rs 139.20. The rupee also gained about 70 paisas against the euro for buying and selling at Rs 156.60 and Rs 158.30, they said.
On Saturday, the rupee rose by 10 paisas in terms of the dollar for buying at Rs 138.60 and it also picked up 20 paisas for selling at Rs 139.00, they said. The rupee, however, lost 70 paisas against the euro for buying and selling at Rs 157.30 and Rs 158.50.
INTER-BANK MARKET RATES: On Jan 21, the rupee picked up two paisas against the dollar for buying and selling at Rs 138.82 and Rs 138.84. On Jan 22, the rupee dropped by 10 paisas versus the dollar for buying and selling at Rs 138.92 and Rs 138.94`. On Jan 23, the rupee shed eight paisas versus the dollar for buying and selling at Rs 138.92 and Rs 138.95.
On Jan 24, the rupee picked up seven paisas versus the dollar for buying and selling at Rs 138.86 and Rs 138.88, they said. On Jan 25, the rupee picked up 10 paisas versus the dollar for buying and selling at Rs 138.75 and Rs 138.78, they said.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar held steady near a two-week high against a basket of currencies on Monday, as investor risk appetite held up despite the latest data showing China's 2018 economic growth slowing to a near three-decade low.
The dollar index, which measures its strength against a group of six major currencies, was steady at 96.308 after climbing to 96.394 percent on Friday, its strongest since Jan 4.
The dollar was trading against the Indian rupee at Rs 71.180 and the US currency was available at 6.790 in terms of the Chinese yuan. In the second Asian trade, he dollar hovered near 2-week highs against its peers on Tuesday as a slowdown in China's economy to 28-year lows revived investor concerns over global growth and supported safe-haven currencies.
Overnight, the International Monetary Fund (IMF) cut its 2019 and 2020 global growth forecasts, citing a bigger-than-expected slowdown in China and the Eurozone, and said failure to resolve trade tensions could further destabilise a slowing global economy.
Those fears were brought to the fore on Monday when data showed the Chinese economy grew at its slowest pace since 1990 last year in an ominous sign for 2019. Cooling growth in the world's second largest economy has already put a dent on profits for firms ranging from Apple to big carmakers.
The dollar index, which measures its strength against a group of six major currencies, was steady at 96.33, holding near a 2-week high of 96.43 hit on Monday.
The yen, another safe-haven currency, was steady against the dollar, fetching 109.64 in early trade. The dollar was trading against the Indian rupee at Rs 71.310, the greenback was at 4.130 in terms of the Malaysian ringgit and the US currency was at 6.803 versus the Chinese.
In the third Asian trade, the New Zealand dollar bounced smartly on Wednesday after inflation data proved not nearly as soft as some bears had been wagering on, prompting a round of hurried short covering.
The kiwi popped up to $0.6771, from $0.6720 ahead of the figures, and looked set to test resistance around $0.6785. Speculators had shorted the currency in the hope inflation would be weak enough to narrow the odds on a cut in interest rates.
Instead, the consumer price index topped forecasts with a quarterly rise of 0.1 percent, to keep annual inflation steady at 1.9 percent. The dollar was trading against the Indian rupee at Rs 71.200, the US currency was available at 4.131 in terms of the Malaysian ringgit and the greenback was at 6.787 in relation to the Chinese yuan.
In the fourth Asian trade, the dollar eased against its peers on Thursday, as concerns over global growth, a US government shutdown and US-Sino trade talks kept
The Aussie dollar was 0.2 percent higher at $0.7156 supported by solid jobs data while kiwi dollar gained 0.1 percent to $0.6793. The partial US government shutdown, now in its 34th day has hurt investor sentiment. US Republican Senate Majority Leader Mitch McConnell said he planned to hold a vote on Thursday on a Democratic proposal that would fund the government for three weeks.
Global growth concerns have also rattled investor appetite for risk. In Asian trading, the yen was marginally higher at 109.54, after weakening 0.2 percent versus the greenback in the previous session.
On Wednesday, the Bank of Japan kept its policy unchanged. The BOJ cut its inflation forecasts and warned of growing risks to the economy from trade protectionism and slowing global demand. The dollar index, a gauge of its value versus six major peers was marginally lower at 96.10.
The dollar was trading against the Indian rupee at Rs 71.270, the greenback was at 4.136 in terms of the Malaysian ringgit and the US currency was at 6.786 versus the Chinese yuan. In the final Asian trade, Sterling scaled an 11-week high on Friday after The Sun reported that Northern Ireland's Democratic Unionist Party has privately decided to offer conditional backing for Prime Minister Theresa May's Brexit deal next week.
The euro gained 0.1 percent to $1.1321, although longer term prospects look bleak for the single currency. On Thursday, the European Central Bank provided the latest warning about Europe's dimming outlook, forecasting weaker-than-expected growth in the near term.
The dollar index, a gauge of its value versus six major peers, fell 0.19 percent to 96.41. The dollar was trading against the Indian rupee at Rs 71.080, the greenback was at 4.134 in terms of the Malaysian ringgit and the US currency was available at 6.773 in relation to the Chinese yuan.
In the final US trade, The dollar fell on Friday from its three-week highs in the previous session, as traders' focus shifted to the Federal Reserve's policy meeting next week when the US central bank is expected to leave interest rates unchanged. The dollar's decline also coincided with a rally in US stocks, which were bolstered by upbeat earnings. The euro, on the other hand, rebounded on Friday, steadying after a dovish European Central Bank President Mario Draghi failed to alter an already downbeat assessment on the euro zone's economy.
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