The rupee resisted further decline against the dollar on the money market during the week, ended on 22 June, 2019. The rupee gained modestly versus the dollar for buying and selling at Rs 156.75 and Rs 156.85, they said.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee fell slightly in terms of the dollar for buying and selling at Rs 155.70 and Rs 156.70. The rupee shed dropped in relation to the euro for buying at Rs 176.00 while it was unchanged for selling at Rs 178.50.
It is surprising to note that the rupee some how managed to gain modestly in terms of dollar, marketmen said. They observed that the rupee may not react sharply against the dollar in the coming days.
INTER-BANK MARKET RATES: On Monday, the rupee continued decline versus the dollar, losing Rs 1.23 for buying Rs 156.98 and it also fell by 75 paisas for selling at Rs 157.00 and Rs 156.50, they said. On Tuesday, the rupee halted it's slide versus the dollar, moved up with a marginal gain of 15 paisas for buying and selling at Rs 156.80 and Rs 156.85 and Rs 156.50, they said.
On Wednesday, the rupee depreciated by 17 paisas versus the dollar for buying at Rs 156.97 and it also shed 15 paisas for selling at Rs 156.99. On Thursday, the rupee was almost unmoved versus the dollar for buying and selling at Rs 156.96 and Rs 156.98. On Friday, the rupee picked up 21 paisas versus the dollar for buying at Rs 156.75 and it also gained 13 paisa for selling at Rs 156.85.
OPEN MARKET RATES: On June 17, the rupee, however, gained 50 paisas against the dollar for buying and selling at Rs 155.50 and Rs 156.50, they said. The rupee dropped sharply in relation to the euro for buying and selling at Rs 173.00 and Rs 176.00, they said.
On June 18, the rupee stayed put in terms of the dollar for buying and selling at Rs 155.50 and Rs 156.50, they said. The rupee also maintained it's overnight levels in relation to the euro for buying and selling at Rs 173.00 and Rs 176.50, they said. On June 19, the rupee was unchanged in terms of the dollar for buying and selling at Rs 155.50 and Rs 156.50, they said. The rupee fell in relation to the euro for buying and selling at Rs 174.00 and Rs 176.80.
On June 20, the rupee drifted lower in terms of the dollar for buying and selling at Rs 155.70 and Rs 156.70. The rupee dropped sharply in relation to the euro for buying and selling at Rs 175.00 and Rs 178.00.
On June 21, the rupee was unchanged in terms of the dollar for buying and selling at Rs 155.70 and Rs 156.70. While, the rupee shed 50 paisas in relation to the euro for buying and selling at Rs 175.50 and Rs 178.50.
On June 22, the rupee did not show any change in terms of the dollar for buying and selling at Rs 155.70 and Rs 156.70. While, the rupee shed Re one in relation to the euro for buying at Rs 176.00 while it was unchanged for selling at Rs 178.50.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar held near a two-week high against its major rivals on Monday ahead of a crucial US Federal Reserve meeting that many expect will lay the groundwork for an interest rate cut to bolster the world's largest economy.
While strong US retail sales on Friday reduced the already-low chance of an easing this week and lifted the dollar, investors are betting Fed Chairman Jerome Powell would leave the door open to future rate cuts in light of increasing economic strains.
The dollar index versus a basket of six major currencies was little changed at 97.479 after rising to 97.583 on Friday, its highest since June 3. In the second Asian trade, the Australian dollar on Tuesday eased to its lowest levels since early January after the nation's central bank flagged a further rate cut, while the British pound was hobbled by rising worries of a no-deal Brexit
With markets focused on US Federal Reserve and Bank of Japan meetings later this week, traders latched on to minutes of the Reserve Bank of The dollar was trading against the Indian rupee at Rs 69.783, the greenback was at 4.181 versus the Malaysian ringgit and the US currency was available at 6.927 in terms of the Chinese yuan.
In the third Asian trade, the dollar held near a two-week high on Wednesday ahead of the Federal Reserve's closely-watched policy decision later in the day, supported by a surprisingly dovish European Central Bank and bearish eurozone economic data. The dollar index versus a basket of six major currencies was steady at 97.653 after climbing to 97.766 on Tuesday, its highest level since June 3.
The focus was on whether the greenback can retain its strength after the Fed's two-day policy meeting ends later on Wednesday. The Fed is widely expected to stand pat on monetary policy this time but open the door for an interest rate cut at the next meeting in July.
The dollar was trading against the Indian rupee at Rs 69.565, the greenback was available at 4.174 in relation to the Malaysian ringgit and the US currency was at 6.905 versus the Chinese yuan. In the fourth Asian trade, the dollar was on the defensive on Thursday after the Federal Reserve signalled it was ready to lower interest rates to combat growing global and domestic risks.
The dollar was trading against the Indian rupee at Rs 69.680, the greenback was at 4.159 in terms of the Malaysian ringgit and the US currency was available at 6.893 versus the Chinese yuan. In the final Asian trade, the dollar struggled to get on the front foot on Friday, and was poised for a weekly loss against major currencies after the US Federal Reserve joined global peers with plans to cut interest rates to support flagging economic growth.
A decline in benchmark 10-year Treasury yields below 2% and a rise in gold above heavy technical resistance to a near six-year high suggested the dollar could face a period of prolonged selling pressure, traders and analysts say. The focus now shifts to whether the United States and China can resolve their trade row at a Group of 20 leaders summit in Osaka next week, but analysts caution that chances of a decisive breakthrough are low.
The dollar was trading against the Indian rupee at Rs 69.440, the greenback was at 4.153 in terms of the Malaysian ringgit and the US currency was at 6.845 versus the Chinese yuan. In the final US trade, The dollar fell on Friday to three-month lows against a basket of currencies on bets the Federal Reserve would start lowering interest rates, while the yen rose to a five-month high versus the dollar on growing tensions between Iran and the United States.
The greenback's weakness propelled the euro to three-month highs. The single currency was also buoyed by stronger-than-forecast survey data on French and German business activity.
The dollar extended its losses for three straight sessions since the Federal Reserve on Wednesday signalled it was prepared to lower interest rates later this year.
The Fed and the European Central Bank this week hinted they were open to ease policies to counter a global economic slowdown, exacerbated by global trade tensions. The focus now shifts to whether Washington and Beijing can resolve their trade dispute at a summit in Japan next week of leaders from the Group of 20 leading world economies. US President Donald Trump and Chinese President Xi Jinping are due to meet at the G20 next weekend, but analysts say chances of a decisive breakthrough are low.
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