The rupee managed to recover sharply against the dollar on the currency market during the week ended on March 9. On the interbank, the rupee posted fresh gain of 34 paisa versus the dollar for buying at Rs 97.80 and it also picked up 35 paisa for selling at Rs 97.82.
On the open market, the rupee was firm in terms of the dollar for buying and selling at Rs 99.00 and Rs 99.25. The rupee appreciated by 50 paisa versus the euro for buying and selling at Rs 129.25 and Rs 129.50.
To prevent the rupee from further devaluation against the dollar, corrective measures taken and it proved fruitful as the rupee gained against the dollar.
The rupee showed some improvement versus the dollar, a few money experts were of the view that the national currency may gain further ground in the coming days as a result of easy availability of the dollar.
Exports of cotton and textile product likely to depict better performance in the coming days, some experts said.
Despite the fact that the world is in grip of recession but it appears that global economy is shifting toward Asia, which indicating textile sector may help in boosting the foreign exchange. Reports showed that trends are clearly pointing to the shift of geo-political, economic and financial power from the developed economies to the emerging markets of Asia. Now it is need of hour to create opportunities for networking and exploring business connecting with other emerging economies.
INTERBANK MARKET RATES: On Monday, the rupee appreciated in relation to the dollar, picking up eight paisa for buying and selling at Rs 98.15 and Rs 98.18.
On Tuesday, the rupee rose slightly versus the dollar for buying and selling at Rs 98.14 and Rs 98.17, experts said. On Wednesday, the rupee posted fresh gain of six paisa versus the dollar for buying at Rs 98.08 and the national currency also picked up seven paisa for selling at Rs 98.10.
On Thursday, the rupee recovered further ground in terms of the dollar, gaining six paisa for buying and selling at Rs 98.02 and Rs 98.04. On Friday, the rupee gained sharply in relation to the dollar for buying and selling at Rs 97.80 and Rs 98.82.
OPEN MARKET RATES: On March 4, the rupee retained week-end levels against the dollar for buying and selling at Rs 99.00 and Rs 99.25, they said. While, the rupee gained 50 paisa versus the euro for buying and selling at Rs 129.75 and Rs 130.00, they added. On March 5, the rupee held the overnight levels against the dollar for buying and selling at Rs 99.00 and Rs 99.25. While, the rupee lost 75 paisa versus the euro for buying and selling at Rs 130.50 and Rs 130.75. On March 6, the rupee was unchanged against the dollar for buying and selling at rs 99.00 and Rs 99.25. While, the rupee shed 75 paisa versus the euro for buying and selling at Rs 129.75 and Rs 130.00. On March 7, the rupee was unchanged against the dollar for buying and selling at Rs 99.00 and Rs 99.25. While, the rupee rose by 25 paisa in relation to the euro for buying and selling at Rs 129.50 and Rs 129.75.
On Mar 8, the rupee remained unchanged versus the dollar for buying and selling at Rs 99.00 and Rs 99.25, they said. While, the rupee fell versus the euro, losing 50 paisa for buying and selling at Rs 130.00 and Rs 130.25, they added.
On Mar 9, the rupee held the overnight levels versus the dollar for buying and selling at Rs 99.00 and Rs 99.25. While, the rupee gained 75 paisa in relation to the euro for buying and selling at Rs 129.25 and Rs 129.50.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the yen edged higher and the Australian dollar skidded to an eight-month low on Monday as investors were spooked by Beijing's decision to hit the mainland property sector with strong curbs, triggering a sell-off in Asian equities. China's Shanghai Composite index tumbled 3.2 percent after Beijing announced more property market tightening measures on Friday in a bid to contain housing costs.
The dollar was trading against the Indian rupee at Rs 55.05, the US currency was available versus the Malaysian ringgit at 3.1070 and the greenback was available in terms of the Chinese yuan at 6.227.
In the second Asian trade, the dollar fell against the yen on Tuesday, pressured by a sell-the-fact reaction following the confirmation hearings of the government's nominees for the two Bank of Japan deputy governor posts.
Kikuo Iwata, nominated by the government for one of the central bank's two deputy governorships, said that foreign bond purchases would be a policy option only if other initiatives failed.
The dollar was trading against the Indian rupee at Rs 54.67, the US currency was available versus the Malaysian ringgit at 3.1000 and greenback was at 6.2218 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 78.80-78.82 (78.82-78.85). Call Money Rates: 07.00-08.00 percent (previous 06.75-08.00 percent.
In the third Asian trade, the euro and commodity currencies held firm off their recent multi-month lows on Wednesday, underpinned by improved risk appetite that saw the Dow Jones Industrial Average hit a record closing high.
The euro, however, still has some way to go before it breaks above its downtrend since early February, with European Central Bank President Mario Draghi's stance seen as holding the key to its near-term outlook.
The dollar was trading against the Indian rupee at Rs 54.78, the greenback was at 3.1010 versus the Malaysian ringgit and the US currency was available at 6.2164 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 78.80-78.82 (78.80-78.82). Call Money Rates: 07.25-07.75 percent (previous 06.00-08.00 percent).
In the fourth Asian trade, the dollar hovered near its highest level in 6-1/2 months against a basket of major currencies on Thursday after solid job data fuelled hopes of recovery in the US labour market, a key condition for the Federal Reserve to wind up its massive stimulus programme.
In contrast, the British pound fell to a 2-1/2 years low as market players positioned for more stimuli from the Bank of England as early as on Thursday as the UK economy faces the threat of triple-dip recession.
In the final Asian trade, the dollar surged to a 3-1/2-year high against the yen, with the near-term focus on whether US jobs data will fuel hopes for a further recovery in the US labour market.
The euro eased versus the dollar but clung to the bulk of the gains made the previous day, when the European Central Bank wrong-footed investors who had positioned for a more dovish signal from ECB President Mario Draghi.
The dollar was trading against the Indian rupee at Rs 54.43, the greenback was at 3.1060 in terms of the Malaysian ringgit and the US currency was available at 6.2158 against the Chinese yuan.
The dollar was available against the dollar at Rs 54.65, the greenback was at 3.1085 in terms of the Malaysian ringgit and the US currency was trading versus the Chinese yuan at 6.2212.
Inter bank buy/sell rates for the taka against the dollar on Thursday: 78.75-78.80 (78.80-78.82). Call Money Rates: 07.00-07.75 percent (previous 06.00-08.00 percent).
At the week-end, the dollar surged to its highest in more than three years against the yen and a three-month peak versus the euro, bolstered by a report showing the US economy created more jobs than expected last month, pushing the unemployment rate to a four-year low.
The greenback also posted its best weekly performance against the yen in two months. It also gained versus the euro for a fifth straight week.