The rupee came under pressure against the dollar however it managed to shed some losses versus the euro during the week, ended on April 20. On the interbank, the national currency shed four paisa in relation to the dollar for buying and selling at Rs 98.37 and Rs 98.39.
On the open market, the rupee also lost 15 paisa in terms of the dollar for buying at Rs 99.15 and it also shed 10 paisa for selling at Rs 99.35. The rupee, however, picked up 20 paisa against the euro for buying and selling at Rs 129.00 and Rs 129.25.
The dollar showed modest improvement versus the rupee ahead of general election 2013. People, who cannot buying precious metals, are trying to save their investment in the dollars, which is pushing its value up and it looks that the US currency may gain further ground in the coming days, analysts said. Reports showed that exports of textile items improved from the last year level; this factor will help in inflow of dollars in the country, they added.
INTER-BANK MARKET RATES: On Monday, the rupee drifted lower in relation to the dollar for buying and selling at Rs 98.33 and Rs 98.35.
On Tuesday, the rupee extended its fall versus the dollar, losing five paisa for buying and selling at 98.38 and 98.40. On Wednesday, the rupee resisted sharp fall versus the dollar, losing one paisa for buying and selling at 98.39 and 98.41. On Thursday, the rupee inched up versus the greenback as the domestic currency gained two paisa for buying at 98.37 and it also rose by one paisa for selling at 98.40. On Friday, the rupee firmly held the overnight level versus the dollar for buying at 98.37, while it inched up by one paisa for selling at 98.39.
OPEN MARKET RATES: On April 15, the rupee shed 10 paisa versus the dollar for buying at 99.00 and it also lost 25 paisa for selling at 99.25. The rupee did the same versus the euro, shedding 20 paisa for buying and selling at Rs 129.20 and Rs 129.45.
On April 16, the rupee lost 20 paisa in relation to the dollar for buying at 99.20 and the local currency also fell by 15 paisa for selling at 99.40. The rupee followed the same pattern versus the euro, shedding 5 paisa for buying and selling at Rs 129.25 and Rs 129.50. On April 17, the rupee, however, gained five paisa in relation to the dollar for buying and selling at 99.15 and 99.35. The rupee extended its decline in terms of the euro, falling 25 paisa for buying and selling at Rs 129.50 and Rs 129.75. On April 18, the rupee maintained its overnight levels in terms of the dollar for buying and selling at 99.15 and 99.35. While, the rupee appreciated by 75 paisa in relation for buying and selling at Rs 128.75 and Rs 129.00.
On April 19, the rupee retained its overnight levels against the dollar for buying and selling at 99.15 and 99.35. While, the rupee gave up gains in relation to the euro, losing 50 paisa for buying and selling at Rs 129.25 and Rs 129.50.
On April 20, the rupee did not move any side against the dollar for buying and selling at 99.15 and 99.35. While, the rupee shed 25 paisa in relation to the euro for buying and selling at Rs 129.00 and Rs 129.25.
OVERSEAS OUTLOOK FOR DOLLAR: In the first session of Asian trade, commodity-linked currencies were pummelled after data showed Chinese growth unexpectedly faltered in the first quarter, while the yen firmed after the United States said it would watch Japan's policies to ensure it was not manipulating its currency.
The Aussie slipped 0.6 percent to $1.0439 after the annual rate of growth in China, Australia's biggest export market, stumbled to 7.7 percent in the first three months of the year, from 7.9 percent in the previous quarter.
The dollar was trading against the Indian rupee at Rs 54.59, the greenback was available versus the Malaysian ringgit at 3.0370 and the US currency was at 6.1869 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Monday: 78.02-78.0250 (78.02-78.02). Call Money Rates: 07.00-07.50 percent (previous 05.75-08.00 percent.
In the second session of Asian trade, the dollar recovered from two-week lows against the yen on Tuesday on the back of bargain-hunting but traders remained wary of a further rout in gold prices that could spur demand for the safe haven Japanese currency.
Commodity currencies such as the Australian dollar also found support after a tumble the previous day as gold recouped some losses after posting the biggest fall in about 30 years.
The dollar was trading against the Indian rupee at Rs 54.37, the US currency was available at 3.0400 versus the Malaysian ringgit and the greenback was at 6.1831 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 78.01-78.0250 (78.02-78.0250). Call Money Rates: 07.00-07.50 percent (previous 05.75-08.00 percent).
In the third Asian session, the yen fell broadly on Wednesday, succumbing to renewed pressure after gold prices steadied somewhat from an eye-watering plunge earlier in the week.
The dollar was changing hands at about 98.32 yen, up 0.8 percent from late US trade on Tuesday but still down about 1.6 percent from a four-year high of 99.95 yen set last week. The dollar was trading against the Indian rupee at Rs 53.87, the greenback was at 3.0230 in terms of the Malaysian ringgit and the US currency was at 6.173 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday: 78.01-78.01 (78.01-78.0250).
Call Money Rates: 07.00-07.50 percent (previous 05.75-08.00 percent.
In the fourth Asian trade, the yen was broadly steady to firmer as risk appetite waned, while the euro held its ground after sliding the previous day on talk of more monetary easing by the European Central Bank.
The Australian dollar fell 0.2 percent to 101.00 yen. Trading was choppy, with the Aussie dollar having traded in a 101.47 yen to 100.24 yen range so far on Thursday. The dollar was trading against the Indian rupee at Rs 54.08, the greenback was available at 3.0325 in terms of the Malaysian ringgit and the US currency was at 6.1803.
Inter bank buy/sell rates for the taka against the dollar on Thursday: 77.98-78.00 (78.01-78.01). Call Money Rates: 07.00-07.50 percent (previous 05.80-08.00 percent).
In the final Asian trade, the yen fell after Japan said the Group of 20 has accepted Tokyo's stance that the Bank of Japan's sweeping monetary expansion is aimed at beating deflation and not at competitively weakening the yen.
The comments by Japanese Finance Minister Taro Aso eased concerns that the bold monetary stimulus, which had triggered a drop in the yen to a four-year low versus the dollar last week, could come under criticism at the G20 meeting.
The dollar was trading against the Indian rupee at Rs 53.96, the US currency was available at 3.0345 in terms of the Malaysian ringgit at 3.0340 and the greenback was at 6.1789 in terms of the Chinese yuan.
At the week-end, the US dollar and euro rallied 1.5 percent versus the yen after Japan said the Group of 20 countries did not oppose its aggressive monetary easing aimed at beating deflation rather than at weakening its currency.
Traders said hedge funds resumed buying the dollar against the yen, leaving the pair poised to test strong resistance and option barriers at the 100 yen level in the coming days. The dollar hit a four-year high of 99.94 yen last week.