The rupee sustained stable trend in relation to the dollar during the week, ended on February 29, 2020. The rupee picked up four paisas versus the dollar for buying and selling at Rs 154.25 and Rs 154.26.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee gained 10 paisas in terms of the dollar for buying and selling at Rs 154.00 and Rs 154.30. The rupee fell sharply against the euro for buying and selling at Rs 168.70 and Rs 170.20.
The rupee moved up slightly versus the dollar due to comfortable supply of dollars, it is most likely that national currency may retain present levels in the coming days, said marketmen.
In the meantime, country's foreign exchange reserves increase $87 million to $12,591.5 million in the week ending February 21, compared to $12,504.7 million in the previous week, the State Bank of Pakistan said last Thursday.
INTER-BANK MARKET RATES: On Monday, the rupee was available versus the dollar for buying and selling at Rs 154.20 and Rs 154.22. On Tuesday, the rupee moved cautiously versus the dollar for buying and selling at Rs 154.24 and Rs 154.26.
On Wednesday, the rupee did not show any change any change in relation to the dollar for buying and selling at Rs 154.24 and Rs 154.26. On Thursday, the rupee picked up four paisas versus the dollar for buying and selling at Rs 154.20 and Rs 154.22. On Friday, the rupee shed five paisas versus the dollar for buying and selling at Rs 154.25 and Rs 154.26.
OPEN MARKET RATES: On February 24, the rupee did not move any side in terms of the dollar for buying and selling at Rs 154.10 and Rs 154.40. The rupee gained modestly against the euro for buying and selling at Rs 166.20 and Rs 167.70.
On February 25, the rupee was unmoved in terms of the dollar for buying and selling at Rs 154.10 and Rs 154.40. The rupee shed 10 paisas modestly against the euro for buying and selling at Rs 166.30 and Rs 167.80. On February 26, the rupee was unchanged in terms of the dollar for buying at Rs 154.10 while the national currency gained 10 paisas for selling and Rs 154.30, they said. The rupee dropped 70 paisas against the euro for buying and selling at Rs 167.00 and Rs 168.50.
On February 27, the rupee rose by 10 paisas in terms of the dollar for buying at Rs 154.00 while the national currency was unchanged for selling at Rs 154.30, they said. The rupee, however, lost 50 paisas against the euro for buying and selling at Rs 167.50 and Rs 169.30. On February 28, the rupee shed 10 paisas in terms of the dollar for buying and selling at Rs 154.10 and Rs 154.40. The rupee fell sharply against the euro for buying and selling at Rs 168.70 and Rs 170.40.
On Saturday, the rupee gained 10 paisas in terms of the dollar for buying and selling at Rs 154.00 and Rs 154.30. The rupee moved slightly against the euro for buying and selling at Rs 168.70 and Rs 170.20.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the Australian and New Zealand dollars were on the defensive on Monday as the spread of coronavirus beyond China stoked worries about its impact on global growth and drove bond yields lower as investors wagered on more policy easing from central banks.
The dollar was trading against the Indian rupee at Rs 71.838, the greenback was at 4.220 in terms of the Malaysian ringgit and the US currency was at 7.035 in relation to the Chinese yuan.
In the second Asian trade, the dollar checked its march higher on Tuesday, as investors sharply raised bets that the growing fallout from the coronavirus outbreak would prompt US interest rate cuts.
The dollar was trading against the Indian rupee at Rs 71.885, the greenback was at 4.223 versus the Malaysian ringgit and the US currency was available at 7.015 in terms of the Chinese yuan.
In the third Asian trade, the dollar nursed losses on Wednesday as rising expectations of a US rate cut and warnings from US health officials about the spread of the coronavirus called into question the perceived strength of US financial assets.
The dollar's index against a basket of six major currencies stood at 99.081, little changed on the day but down 0.9% from a near three-year high of 99.915 hit last week.
Against the yen, the US currency traded at 110.37 yen , gaining 0.1% in Asia on Japanese buying before month-end but still almost two full yen below its 10-month high touched last Thursday.
The euro fetched $1.08815, extending its rebound since it hit near three-year low of $1.0778 on Thursday. The dollar was trading against the Indian rupee at Rs 71.760, the greenback was at 4.236 in relation to the Malaysian ringgit and the US currency was available at 7.018 versus the Chinese yuan.
In the Asian trade, the dollar held gains against the yen on Thursday as growing fears that a coronavirus outbreak is turning into a pandemic drove investors to the safety of US Treasuries.
The dollar also traded near a three-month high versus the pound due to worries Britain's trade talks with the European Union were stalling and dashed expectations for big fiscal spending. The euro, however, its own against the greenback's wider advance on reports that Germany's finance ministry is considering easing fiscal spending restrictions to boost its flagging economy.
Most currencies were locked in narrow ranges as traders nervously monitor the global spread of the coronavirus that emerged in China late last year. The dollar was trading against the Indian rupee at Rs 71.640, the greenback was at 4.210 in terms of the Malaysian ringgit and the US currency was available at 7.019 versus the Chinese yuan.
In the final Asian trade, Japanese yen returned as a beacon of safety on Friday, hitting a one-month high against the dollar, as mounting fears the world was on the cusp of a pandemic sent global financial markets into a tailspin.
The dollar was trading against the Indian rupee at Rs 71.945, the US currency was at 4.224 in terms of the Malaysian ringgit and the greenback was at 7.008 versus the Chinese yuan.
In the final US trade, the US dollar slid to a seven-week low against the Japanese yen on Friday after Federal Reserve Chair Jerome Powell suggested the central bank could cut interest rates in the wake of the coronavirus.
Powell on Friday said the central bank will "act as appropriate" to support the economy in the face of risks posed by the coronavirus outbreak, though he said the economy remained in solid condition.
The dollar index was last down 0.324% to 98.127, down about 1% this week on rising expectations of a rate cut. A cut of at least 25 basis points at the Fed's March meeting was fully priced in on Friday, versus expectations of 57.6% on Thursday. Some investors suggested the Fed could even cut rates sooner.
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