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Print Print 2020-02-17

Steady trend

The rupee posted fresh gains against the dollar during the week, ended on Feb 15, 2020.
Published 17 Feb, 2020 12:00am

The rupee posted fresh gains against the dollar during the week, ended on Feb 15, 2020.

INTER-BANK MARKET RATES: The rupee picked up 19 paisas versus the dollar for buying and selling at Rs 154.15 and Rs 154.20.

OPEN MARKET RATES: The rupee gained modestly in terms of the dollar for buying and selling at Rs 154.20 and Rs 154.50, they said. The rupee also appreciated sharply in terms of the euro for buying and selling at Rs 166.50 and Rs 168.00.

Marketmen said that the rupee managed to gain over the smooth supply of dollars. It may not fluctuate sharply in the near future, they observed.

According to the State Band of Pakistan (SBP), country's foreign exchange reserves were up at 12.430 billion dollars.

INTER-BANK MARKET RATES: On Feb 10, the rupee shed modestly versus the dollar for buying and selling at Rs 154.42 and Rs 154.44. On Feb 11, the rupee was unchanged versus the dollar for buying and selling at Rs 154.42 and Rs 154.44. On February 12, the rupee picked up seven paisas versus the dollar for buying and selling at Rs 154.33 and Rs 154.37.

On Feb 13, the rupee fell modestly versus the dollar for buying and selling at Rs 154.33 and Rs 154.40. On February 14, the rupee moved up in relation to the dollar, gaining 18 paisas for buying and selling at Rs 154.15 and Rs 154.20.

OPEN MARKET RATES: On Monday, the rupee did not move any side in relation to the dollar for buying and selling at Rs 154.30 and Rs 154.60 respectively, while it dropped 20 paisas in terms of the euro for buying at Rs 168.50, it, however, was unmoved for selling at Rs 170.00, respectively, they said.

On Tuesday, the rupee held the last levels in terms of the dollar for buying and selling at Rs 154.30 and Rs 154.60. While, the rupee gained sharply in terms of the euro for buying and selling at Rs 167.80 and Rs 169.30.

On Wednesday, the rupee after maintaining a firm trend for a long time in terms of the dollar, tended higher, gaining 10 paisas for buying and selling at Rs 154.20 and Rs 154.50. However, the rupee depreciated by 20 paisas in terms of the euro for buying and selling at Rs 168.00 and Rs 169.50.

On Thursday, the rupee did not show any change versus the dollar buying and selling at Rs 154.20 and Rs 154.50 respectively, they said. The rupee was trading against the euro for buying and selling at Rs 166.50 and Rs 168.00 respectively, they added.

On Friday, the rupee was unchanged in terms of the dollar for buying and selling Rs 154.20 and Rs 154.50. The rupee was trading in relation to the euro for buying and selling at Rs 167.30 and Rs 168.80.

On Saturday, the rupee firmly held the overnight levels in terms of the dollar for buying and selling at Rs 154.20 and Rs 154.50, they said. The rupee also did not show any change in terms of the euro for buying and selling at Rs 166.50 and Rs 168.00.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, Asian currencies lifted a little on Monday amid some early signs that the spread of the coronavirus epidemic could be slowing down and as some big businesses resumed work in China after the Lunar New Year holiday.

Workers began trickling back to offices and factories around the country as the government eased some restrictions on travel in the wake of the epidemic that has now killed more than 900 people, mostly on the mainland.

The Australian dollar rose 0.5% to as high as $0.6706, pulling away from a decade-low touched earlier in the session. It has lost 4.5% this year.

The New Zealand dollar bounced 0.1% from a two-month low to $0.6405. The safe-haven yen softened slightly to 109.75 yen per dollar, while bonds dipped and stock markets pared early losses with the broad appetite for risk.

The dollar was trading against the Indian rupee at Rs 71.345, the greenback was at 4.144 versus the Malaysian ringgit and the US currency was at 6.988 in terms of the Chinese yuan.

In the second Asian trade, heavily-sold Asian currencies were modestly firmer on Tuesday, as investor risk appetite recovered with an apparent slowdown in the rate of coronavirus infection, even as the death toll rose.

China reported 108 new coronavirus deaths on Tuesday, bringing the total number of people killed in the country to 1,016, yet the number of new cases fell.

The Australian dollar, which is highly sensitive to China's economic health because of Australia's commodity-heavy export profile, rose 0.3% to $0.6707. It had hit a decade low on Monday and remains nearly 4.5% lower this year.

China's yuan was firm at 6.9773 per dollar and the People's Bank of China held its mid-point guidance relatively steady, even though the US dollar had gained sharply overnight.

The dollar was trading against the Indian rupee at Rs 71.203, the greenback was at 4.138 versus the Malaysian ringgit and the US currency was available at 6.973 in terms of the Chinese yuan.

In the third Asian trade, trade-exposed Asian currencies edged ahead on Wednesday, buoyed by optimism that the spread of coronavirus had slowed, while the kiwi leapt after the central bank dropped its easing bias.

Across mainland China there were 2,015 new confirmed infections as of Tuesday, the lowest daily rise since Jan. 30. China's senior medical adviser also said the outbreak might be over by April.

That news had currency markets stabilising after a steep sell down of China-exposed assets. The US dollar, which had soaked up safe-haven flows as worries about the virus coincided with strong economic data, handed back some gains.

The Australian dollar, sensitive to China's fortunes because of Australia's commodity-driven export profile, firmed 0.3% to $0.6728. China's yuan was modestly stronger and the safe-haven Japanese yen was a little softer.

The dollar was trading against the Indian rupee at Rs 71.240, the greenback was at 4.135 versus the Malaysian ringgit and the US currency was available at 6.960 in relation to the Chinese yuan.

In the fourth Asian trade, the euro fell to a four-and-a-half-year low against the Swiss franc on Thursday and the yen gained as investors sought safe havens after China's Hubei province, the epicentre of the coronavirus outbreak, reported a sharp increase in the number of new cases.

Using a new method of diagnosis, the province reported on Thursday 14,840 new cases of the virus as of Feb. 12, up from 1,638 new cases on Tuesday. The number of deaths in the province rose by 242, a daily record, to 1,310.

The dollar was trading against the Indian rupee at Rs 71.473, the greenback was at 4.140 versus the Malaysian ringgit and the US currency was available at 6.984 in relation to the Chinese yuan.

In the final Asian market, the Japanese yen held gains against the dollar on Friday, as fresh doubts about the scale of the coronavirus outbreak supported demand for safe-haven currencies.

The Chinese yuan nursed losses as the flu-like virus, which emerged late last year in China's central Hubei province, cast a deeper shadow over the economic outlook.

The dollar was trading against the Indian rupee at Rs 71.290, the greenback was at 4.141 versus the Malaysian ringgit and the US currency was available at 6.981 in relation to the Chinese yuan.

In the final US trade, the euro bounced against the greenback on Friday as US stocks declined from record highs, though concerns about growth in the eurozone are expected to keep weighing on the single currency.

Anxiety about the impact of the coronavirus on the European economy this week helped send the euro to its lowest levels against the dollar in 2-1/2 years. A report on Friday that Fiat Chrysler plans to close a plant in Serbia due to a lack of parts added to fears that ties to China leave Europe's economy vulnerable.

The euro fell to $1.0826, the lowest since May 2017, before rebounding to $1.0842. It has fallen from $1.1095 on Feb. 3. The euro came off its lows as US stocks declined from record highs reached on Thursday. A stronger US economic outlook has supported the greenback, while it has also benefited from a popular trade in which investors borrow in the euro to invest in higher-yielding US assets.

Copyright Business Recorder, 2020

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