The rupee recovered some lost ground against the dollar, during the week, ended on March 14, 2020. The rupee picked up nearly Rs 2.45 in terms of the dollar for buying and selling at Rs 158.95 and Rs 159.05.
INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee improved slightly versus the greenback for buying and selling at Rs 156.00 and Rs 157.00. The rupee rose by Rs 7 against the euro for buying and selling at Rs 170.00 and Rs 175.00.
Explaining the rupee's depreciation versus the dollar in the local currency market, Forex Association of Pakistan (FAP), President, Malik Bostan said that dollar gained due to strong demand, he was hoping that the rupee to recover it's lost in the near future.
Other experts said that if the dollar demand persisted, so, the rupee will continue it's slide, otherwise, it may come under pressure.
INTER-BANK MARKET RATES: On March nine, the rupee lost Rs 2.27 against the dollar for buying and selling at Rs 156.50 and Rs 156.60. On March 10, the rupee extended overnight slide against the dollar, losing 85 paisas for buying and selling at Rs 157.35 and Rs 157.45 respectively.
On March 11, the dollar gained Re one against the rupee for buying and selling at Rs 158.40 and Rs 158.45. On March 12, the rupee lost 70 paisas against the dollar for buying and selling at Rs 159.05 and Rs 159.20.
On March 13, the rupee picked up 10 paisas against the dollar for buying at Rs 158.95 and the national currency also gained 15 paisas for selling at Rs 159.05.
OPEN MARKET RATES: On Monday, the rupee fell sharply in terms of the dollar for buying and selling at Rs 156.50 and Rs 157.00. The rupee also dropped against the euro for buying and selling at Rs 177.00 and Rs 177.50.
On Tuesday, the US currency rose the same amount versus the domestic currency for buying and selling at Rs 157.00 and Rs 158.00, they said. While, the rupee sustained the overnight levels against the euro for buying and selling at Rs 174.50 and Rs 176.50.
On Wednesday, the rupee rose Rs 1.50 versus the greenback for buying and selling at Rs 156.00 and Rs 157.00. The rupee also gained sharply against the euro for buying and selling at Rs 172.00 and Rs 175.00.
On Thursday, the rupee dipped versus the greenback for buying and selling at Rs 157.50 and Rs 158.50. While, the rupee managed to sharply against the euro for buying and selling at Rs 173.50 and Rs 176.00.
On Friday, the rupee gained 50 paisas in terms of the dollar for buying at Rs 156.00 and the national currency held the last level for selling at Rs 157.00, they said. The rupee, however, halted slide against the euro for buying and selling at Rs 174.50 and Rs 176.50.
On Saturday, the rupee did not show any change versus the greenback for buying and selling at Rs 156.00 and Rs 157.00. The rupee gained sharply against the euro for buying and selling at Rs 170.00 and Rs 175.00.
WORLD VALUE OF DOLLAR: In the first Asian trade, the safe-haven yen soared, the euro jumped after US treasury yields dropped and export sensitive currencies fell to multi-year lows on Monday as coronavirus fears routed global markets.
The yen jumped more than 3% to a day high of 101.69 per dollar, its highest in three years and the sharpest daily jump since mid-2016.
The euro rose more than 1.4% to an almost two-year peak of $1.1452. The Australian and New Zealand dollars both lost more than 2%, with the Aussie hitting a fresh 11-year low.
The dollar was trading against the Indian rupee at Rs 73.975, the greenback was at 4.208 in terms of the Malaysian ringgit and the US currency was at 6.943 versus the Chinese yuan.
In the second Asian trade, the safe-haven yen soared, the euro jumped after US treasury yields dropped and export sensitive currencies fell to multi-year lows on Monday as coronavirus fears routed global markets.
The yen jumped more than 3% to a day high of 101.69 per dollar, its highest in three years and the sharpest daily jump since mid-2016.
The euro rose more than 1.4% to an almost two-year peak of $1.1452. The Australian and New Zealand dollars both lost more than 2%, with the Aussie hitting a fresh 11-year low. Against the yen, the Aussie and Kiwi lost more than 5%.
The dollar was available against the Indian rupee at Rs 73.975, the US currency was trading versus the Malaysian ringgit at 4.208 and the greenback was at 6.943 in terms of the Chinese yuan.
In the third Asian trade, the dollar recovered slightly on Tuesday from heavy losses against the yen, the euro, and the Swiss franc due to hopes for US economic stimulus and a bounce in Treasury yields.
The dollar was available at 4.220 versus the Malaysian ringgit and the greenback was at 6.935 in terms of the Chinese yuan.
In the fourth Asian trade, the dollar slid in another seismic shift to price in more US interest rate cuts on Thursday, after President Donald Trump disappointed markets with a coronavirus plan light on details.
The dollar was available against the Indian rupee at Rs 74.145, the greenback was 4.250 in terms of the Malaysian ringgit and the US currency was at 6.975 versus the Chinese yuan.
Marketmen observed that dollars' supply eased today, which helped the rupee to come out from the bottom side, they said that now it's interesting to note that how far the rupee manages to hold it's level, the picture will clear on Monday, when the money market will start it's trading session.
In the final Asian trade, the dollar stood tall on Friday as investors scrambled for the world's most liquid currency amid deepening panic about the coronavirus while the euro nursed losses after the European Central Bank disappointed investors by not cutting rates.
The dollar was available versus the Indian rupee at Rs 74.083, the greenback was at 4.280 in terms of the Malaysian ringgit and the US currency was trading against the Chinese yuan at 6.982
In the final US trade, the dollar advanced on Friday, posting sharp gains against the safe-haven yen as stock markets recovered globally and investors cheered efforts made by governments and policymakers to address the economic fallout from the coronavirus outbreak.
The greenback extended gains against several currencies after a blow-out in swap spreads on Thursday signalled that investors want dollars. While those spreads came in on Friday, the dollar held strong.
But market participants said signs of dollar funding stress persist and policymakers probably need to do more.
Comments
Comments are closed.