THE RUPEE: mixed patterns

The rupee moved both ways against the dollar during the week, ended on March 16, 2019. The rupee recovered 53 paisas in terms of the dollar for buying and selling at Rs 139.27 and Rs 139.29.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee 70 paisas versus the dollar for buying and selling at Rs 139.00 and Rs 139.50. The rupee also shed 10 paisas in relation to the euro for buying and selling at Rs 156.50 and at Rs 158.30.
According to the State Bank of Pakistan (SBP), the country received 14.35 billion dollars in the foreign remittances during the first eight months of the currency fiscal year. The SBP report also added that country's foreign exchange reserves stood at 8.12 billion dollars.
Commenting on the appreciation of the dollar, marketmen said that in the beginning sessions of the week, the dollar was available at Rs 139.00 due to strong demand, dealers said. Strong demand for dollars dragged the rupee down and it looks that the national currency may depict mixed trend in the coming days, they said.
INTER-BANK MARKET RATES: On Monday, the rupee dropped 26 paisas in relation to the dollar for buying and selling at Rs 138.80 and Rs 138.85. On Tuesday, the rupee showed slight variation relation to the dollar for buying and selling at Rs 138.82 and Rs 138.84. On Wednesday, the rupee inched up slightly in terms of the dollar for buying and selling at Rs 138.80 On Thursday, the rupee lost 50 paisas in terms of the dollar for buying and selling at Rs 139.18 and Rs 139.20. On Friday, the rupee shed nine paisas in terms of the dollar for buying and selling at Rs 139.27 and Rs 139.29.
OPEN MARKET RATES: On March 11, the rupee did not move any side versus the dollar for buying and selling at Rs 138.30 and Rs 138.80, they said. The rupee, however, continued weakness in relation to the euro, losing 50 paisas for buying and selling at Rs 155.50 at Rs 157.50, they said.
On March 12, the rupee was unmoved versus the dollar for buying and selling at Rs 138.30 and Rs 138.80. The rupee did not move any side in relation to the euro for buying at Rs 155.50 while it gained 20 paisas for selling at Rs 157.30. On March 13, the rupee was unchanged versus the dollar for buying and selling at Rs 138.30 and Rs 138.80. The rupee lost 50 paisas in relation to the euro for buying and selling at Rs 156.00 and at Rs 157.80.
On March 14, the rupee fell sharply versus the dollar for buying and selling at Rs 138.70 and Rs 139.20 respectively, they said. The rupee shed further 50 paisas in relation to the euro for buying and selling at Rs 156.50 and at Rs 158.30 respectively, they said.
On March 15, the rupee also slid by 10 paisas versus the dollar for buying and selling at Rs 138.80 and Rs 139.30, they said. The rupee, however, picked up 10 paisas in relation to the euro for buying and selling at Rs 156.40 and at Rs 158.20.
On March 16, the rupee continued fall versus the dollar, losing 20 for buying and selling at Rs 139.00 and Rs 139.50. The rupee also shed 10 paisas in relation to the euro for buying and selling at Rs 156.50 and at Rs 158.30.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar edged up on Monday, hovering close to a near three-month high as investors continued to favour the greenback amid global growth concerns, while sterling kept declining on uncertainty over Britain's exit from the European Union. The dollar index, which measures the greenback against a basket of six key rivals, gained 0.1 percent to 97.412. The index was 0.3 percent shy of its recent peak of 97.710 hit last Thursday, its highest since December 14. It is up 1.3 percent this year. The euro was basically flat at $1.1232. The single currency had fallen to its weakest level since June 2017 on Thursday, hurt by dovish signals from the European Central Bank (ECB).
The dollar was available against the Indian rupee at Rs 69.920, the greenback was at 4.086 in terms of the Malaysian ringgit and the US currency was trading at 6.722 versus the Chinese yuan.
In the second Asian trade, the Sterling rose sharply on Tuesday as speculation swirled that British Prime Minister Theresa May might be closer to securing approval for her Brexit deal.
The pound extended earlier gains as May won legally binding Brexit assurances from the European Union, in a last ditch attempt to sway rebellious British lawmakers who have threatened to vote down her divorce deal in a parliamentary vote on Tuesday.
Sterling jumped as high as $1.3290 as some investors bolstered bet the prime minister could secure a divorce deal before Britain's scheduled March 29 departure from the EU.
The dollar index, which measures the greenback against a basket of six rivals, fell almost 0.2 percent to 97.063 on a modest improvement in investors' risk appetite.
The dollar was available against the Indian rupee at Rs 69.620, the greenback was at 4.079 in terms of the Malaysian ringgint and the US currency was available at 6.714 in relation to the Chinese yuan.
In the third Asian trade, pound edged up on Wednesday after turbulence following the defeat of British Prime Minister Theresa May's European Union exit deal, but investors braced for more volatility ahead of additional Brexit proceedings.
The British Parliament on Tuesday rejected May's deal to quit the European Union for a second time, deepening the country's political crisis days before the planned departure date on March 29. The dollar index against a basket of six major currencies was little changed at 96.992 after losing 0.3 percent overnight.
The dollar was trading against the Indian rupee at Rs 69.710, the greenback was at 4.090 in terms of the Malaysian ringgit and US currency was available at 6.711 in relation to the Chinese yuan.
In the fourth Asian trade, the dollar pulled ahead from a nine-day low on Thursday, largely helped by the pound snapping back after a sharp rally made on Brexit relief.
The dollar index, a gauge of the currency's strength against six major counterparts, was up 0.1 percent at 96.633. It shed 0.4 percent overnight, at one point brushing a nine-day trough of 96.385.
The greenback had taken a knock as the pound jumped more than 2 percent after British lawmakers voted against a potentially disorderly "no-deal" departure from the European Union.
Sterling was down 0.65 percent at $1.3254 after climbing to $1.3380 the previous day, its strongest since June 2018.
The dollar was available against the Indian rupee at Rs 69.580, the US currency was at 4.088 in terms of the Malaysian ringgit and the greenback was trading at 6.712 versus the Chinese yuan.
In the final Asian trade, the British pound paused for breath on Friday but stayed on course for its biggest weekly gain in seven weeks after the UK parliament voted to seek a delay in Britain's exit from the European Union, following a decision to avert a no-deal Brexit.
The yen was off one-week lows after the Bank of Japan kept its policy on hold and a report that North Korea is considering suspending nuclear talks with the United States.
Sterling last traded at $1.3252, having slipped further from Wednesday's nine-month high of $1.3380, with its fall of 0.76 percent on Thursday.
But it is up 1.8 percent so far this week, the biggest such gain since late January, supported by relief that Britain will avoid crashing out of the EU without a deal.
Against the euro, the pound retreated to 85.45 pence per euro from Wednesday's 22-month peak at 84.725.
The dollar was trading against the Indian rupee at Rs 69.198, the greenback was at 4.088 in terms of the Malaysian ringgit and the US currency was at 6.719 versus the Chinese yuan.
In the final US trade, the dollar fell broadly on Friday and was on track for its biggest weekly drop in more than three months, dragged lower by weak US economic data, while the euro climbed higher.
US manufacturing output fell for a second straight month in February and factory activity in New York state was weaker than expected this month, offering further evidence of a sharp slowdown in economic growth early in the first quarter.
Friday's reports extended the streak of weak economic data and underscored the Federal Reserve's "patient" stance toward further interest rate increases this year. Fed officials are scheduled to meet next Tuesday and Wednesday to assess the economy and deliberate on the future course of monetary policy. The US central bank raised rates four times last year.
The dollar index, was 0.28 percent lower, last at 96.511, set for its biggest weekly loss since the first week of December. The move in the dollar sent the euro higher, last up 0.32 percent to $1.1339.