The rupee depreciated against the dollar on the money market during the week, ended on July 13, 2019. The rupee dropped 40 paisas versus the dollar for buying and selling at Rs 158.70 and Rs 158.75.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee followed the inter-bank market track, losing modest ground versus the dollar for buying and selling at Rs 159.00 and Rs 159.50. The rupee gained slightly in relation to the euro for buying and selling at Rs 178.50 and Rs 180.50.
Marketmen said that under the International Monetary Fund (IMF) programme the rupee started falling against the dollar after a little pause. Some other experts said that the rupee came under pressure partly because of oil payments to the foreign countries. It looks that the rupee may continue decline against the dollar in the near future, they observed.
INTER-BANK MARKET RATES: On Monday, the rupee lost 50 paisas versus the dollar for buying and selling at Rs 157.30 and Rs 157.35. On Tuesday, the rupee dropped 10 paisas versus the dollar for buying and selling at Rs 157.40 and Rs 157.50.
On Wednesday, the rupee shed 50 paisas versus the dollar for buying and selling at Rs 157.90 and Rs 157.95. On Thursday, the rupee dropped 60 paisas versus the dollar for buying and selling at Rs 158.45 and Rs 158.55. On Friday, the rupee dropped 25 paisas versus the dollar for buying and selling at Rs 158.70 and Rs 158.75.
OPEN MARKET RATES: On July 8, the rupee also shed some gains against the dollar for buying and selling at Rs 156.50 and Rs 157.50. The rupee gained modestly in relation to the euro for buying and selling at Rs 175.00 and Rs 178.00. On July, 9, the rupee also shed 20 paisas against the dollar for buying and selling at Rs 156.70 and Rs 157.70. The rupee was almost unmoved in relation to the euro for buying and selling at Rs 175.00 and Rs 177.30.
On July 10, the rupee also lost 80 paisas against the dollar for buying and selling at Rs 157.50 and Rs 158.50. The rupee also fell sharply in relation to the euro for buying and selling at Rs 176.00 and Rs 178.50.
On July 11, the rupee also fell sharply against the dollar for buying and selling at Rs 158.50 and Rs 159.50.
The rupee also dipped in relation to the euro for buying and selling at Rs 178.30 and Rs 180.80. On July 13, the rupee moved both ways versus the dollar, losing 20 paisas for buying at Rs 158.70, it, however, picked up the same amount for selling at Rs 159.30. The rupee shed 70 paisas in relation to the euro for buying and selling at Rs 179.00 and Rs 181.50.
On July 13, the rupee dropped 30 paisas versus the dollar for buying at Rs 159.00 and it also shed 20 paisas for selling Rs 159.50. The rupee gained slightly in relation to the euro for buying and selling at Rs 178.50 and Rs 180.50.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar rose broadly on Monday after strong US jobs growth in June suggested the Federal Reserve will not aggressively cut interest rates later this month. US non-farm payrolls rebounded in June to 224,000, the most in five months, data showed on Friday, beating economists' consensus estimate of 160,000.
The index, which measures the greenback against a basket of major currencies, was last quoted at 97.277, almost flat in early Asian trade on Monday, with the euro traded at $1.1223.
The dollar was trading against the rupee at Rs 68.620, the greenback was at 4.143 in terms of the Malaysian ringgit and the US currency was available at 6.890 versus the Chinese yuan. In the second Asian trade, the dollar traded near a three-week high on Tuesday against its peers, as investors reduced bets on aggressive US interest rate cuts ahead of the Federal Reserve chairman's testimony to Congress on the economy.
Sterling was pinned near a six-month low versus the dollar on speculation the Bank of England will soon join other major central banks in easing monetary policy in response to growing worries about the global economy and Britain's exit from the European Union.
The dollar was available against the Indian rupee at Rs 68.795, the greenback was at 4.142 in terms of the Malaysian ringgit and the US currency was at 6.882 versus the Chinese yuan.
In the third Asian trade, the dollar neared a three-week high against a basket of major currencies on Wednesday as investors continued to unwind bets on deep US interest rate cuts, pushing Treasury yields higher.
Further gains in the greenback depend on the tone Federal Reserve Chairman Jerome Powell strikes during two days of Congressional testimony starting later on Wednesday. The dollar was available against the Indian rupee at Rs 68.585, the greenback was at 4.140 versus the Malaysian ringgit and the US currency was at 6.886 in terms of the Chinese yuan.
In the fourth Asian trade, the dollar eased on Thursday after Federal Reserve Chairman Jerome Powell set the stage for a rate cut later this month, vowing to "act as appropriate" to ensure the world's biggest economy will be able to sustain a decade-long expansion.
The dollar's index against six major currencies slipped 0.2% to 96.877, extending its losses into a second session after Powell's first day of testimony, and turned negative on the week.
The dollar was trading against the Indian rupee at Rs 68.355, the greenback was available at 4.122 in terms of the Malaysian ringgit and the US currency was at 6.864 in relation to the Chinese yuan.
In the final Asian trade, the dollar was steady on Friday, having regained some traction against its peers after stronger-than-expected US inflation data tempered the prospect of an aggressive Federal Reserve interest rate cut later this month.
The dollar was little changed at 108.390 yen after rebounding from a low of 107.860 plumbed on Thursday in response to dovish comments from Fed Chairman Jerome Powell, which had revived the chance of a 50 basis-point cut.
The dollar index against a basket of six major currencies stood little changed at 96.972 after retracing much of its losses on Thursday, when it had briefly stooped to a six-day low of 96.795.
The index hit the low after Powell said in a midweek congressional testimony that the Fed was ready to "act as appropriate," given the US economy was still under threat from disappointing factory activity, tame inflation and a simmering Sino-US trade war.
The dollar was trading against the Indian rupee at Rs 68.535, the greenback was available at 68.44 versus the Malaysian ringgit and the US currency was at 4.111 in terms of the Chinese yuan.
In the final US trade, the dollar weakened for a third straight session on Friday, still pressured by expectations the Federal Reserve will start cutting interest rates at a monetary policy meeting later this month. Against a basket of other currencies, the dollar fell 0.1% to 97.004, posting its worst daily loss against the yen and Swiss franc in more than three weeks.
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