An unprecedented rise was seen in the value of rupee as the rupee managed to gain against the dollar on the open and interbank market during the week, ended on March 8. On the interbank market, the rupee rose by Rs 1.75 in terms of the dollar for buying at Rs 103.20 and it also gained Rs 1.71 for selling at Rs 103.25.
On the open market, the rupee appreciated by Rs 2.50 to Rs 102.80 and Rs 103.00, while it also picked up Rs 2.75 versus the dollar for buying and selling at Rs 142.00 and Rs 142.25.
Some experts said the rupee strengthened versus the dollar on the back of higher-than-expected remittances, on the other hand there was no big payment, which aided the local currency to look ahead.
Last week, the rupee recovered approximately Rs 2 versus the dollar, chairman of Forex Association of Pakistan (FAP), Malik Bostan said. The rupee may gain further ground as a result of release of export proceeds in the coming days, analysts said.
INTER-BANK MARKET RATES: On Monday, the rupee shed seven paisa versus the dollar for buying at Rs 104.95 and six-paisa for selling at Rs 104.96. On Tuesday, it gave up overnight weakness against dollar, picking up 11 paisa for buying at Rs 104.84 and 10-paisa for selling at Rs 104.86. On Wednesday, the rupee followed same pattern versus dollar gaining 45 paisa for buying at Rs 104.40 and 51 paisa for selling at Rs 104.45. On Thursday, it maintained upward march against the dollar gaining 90 paisa for buying at Rs 103.50 and 85 paisa for selling at Rs 103.60. On Friday, the rupee extended gains against dollar picking up 30 paisa for buying at Rs 103.20 and 35 paisa for selling at Rs 103.25.
OPEN MARKET RATES: On March 3, the rupee was unchanged versus dollar for buying and selling at Rs 105.30 and Rs 105.50, while it shed 35 paisa in terms of the euro for buying and selling at Rs 144.75 and Rs 145.00.
On March 4, the rupee after maintaining a stable trend versus the dollar, gaining 15 paisa for buying at Rs 105.15 and 10 paisa for selling at Rs 105.40. It also appreciated by 75 paisa in terms of the euro for buying and selling at Rs 144.00 and Rs 144.25. On March 5, it went up sharply against the dollar for buying and selling at Rs 104.15 and Rs 104.40, and it also gained sharply versus the euro, picking up Rs 1.35 for buying and selling at Rs 142.65 and Rs 142.90.
On March 6, the rupee managed to recover more ground against the dollar, picking up 65 paisa for buying at Rs 103.50 and 70 paisa for selling at Rs 103.70. It also continued riding over the euro, gaining Rs 1.45 for buying and selling at Rs 141.20 and Rs 141.45. On March 7, the rupee maintained surge versus the dollar, rising by 60 paisa for buying at Rs 102.90 and 50 paisa for selling at Rs 103.20, however it lost 90 paisa in relation to the euro for buying and selling at Rs 142.10 and Rs 142.35.
On March 8, the rupee picked up 10 paisa in relation to the dollar for buying at Rs 102.80 and 20 paisa for selling at Rs 103.00. It also inched up by 10 paisa versus the euro for buying and selling at Rs 142.00 and Rs 142.25.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the Japanese yen gained broadly while investors sold risk currencies such as the Australian dollar after Ukraine's mobilisation to counter possible Russian invasion heightened geopolitical risks. The US also threatened to isolate Russia economically in Moscow's biggest confrontation with the West since the Cold War. The dollar was trading against the Indian rupee at Rs 61.91, the US currency was at 3.2790 in terms of the Malaysian ringgit and the greenback was at 6.1479 versus the Chinese yuan. Inter bank buy-sell rates for the taka against the dollar on Monday: 77.73-77.75 (77.73-77.75). Call Money Rates: 05.75-07.25 percent.
In the second Asian trade, the yen slipped, taking a breather from its recent rally that was sparked by investors flocking to the safe-haven currency, but tensions over Russian military intervention in Ukraine were seen likely to lend it support in the near term. The dollar edged up 0.2 percent to 101.60 yen, edging away from a one-month low of 101.20 yen set on Monday. The euro rose 0.2 percent to 139.56 yen. The dollar was trading against the Indian rupee at Rs 62.13, the greenback was at 3.2810 versus the Malaysian ringgit and the US currency was available at 6.150 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 77.73-77.74 (77.73-77.75). Call Money Rates: 05.90-07.50 percent.
In the third Asian trade, the yen held steady versus the dollar on Wednesday, nursing heavy losses from the previous day as safety demand faded after Russian President Vladimir Putin played down the prospect of a war in Ukraine.
The dollar held steady at 102.23 yen, after having risen 0.8 percent against the Japanese currency on Tuesday for its biggest one-day gain since mid-January. The dollar was trading against the Indian rupee at Rs 61.84, the US currency was at 3.2725 in terms of the Malaysian ringgit and the greenback was at 6.1371 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 77.73-77.75 (77.73-77.74). Call Money Rates: 05.90-07.50 percent.
In the fourth Asian trade, the euro stayed on the defensive, having lost ground against its peers as investors prepared for possible policy easing by the European Central Bank later in the day. The dollar was trading against the Indian rupee at Rs 61.47, the US currency was at 3.2635 in relation to the Malaysian ringgit, the greenback was at 6.1159 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 77.73-77.75 (77.73-77.75).Call Money Rates: 06.25-08.00 percent.
In the final Asian trade, the euro held steady near a two-month high against the dollar on Friday, pausing in the wake of a European Central Bank inspired rally, as trade turned cautious ahead of US jobs data. The euro last stood at $1.3858, within a stone's throw of a two-month peak of $1.3873 hit on Thursday after the ECB decided to stand pat on policy and held off from fresh monetary stimulus. The dollar was trading against the Indian rupee at Rs 61.02, the US currency was trading at 3.2600 in terms of the Malaysian ringgit and the greenback was at 6.114 in relation to the Chinese yuan.
At the week-end, the dollar climbed on Friday, boosted by an unexpectedly large jump in US jobs growth that set off enough buying to lift the greenback from a four-month low. The US dollar index, a composite of six currency pairs which earlier on Friday had hit a bottom of 79.433 last seen on October 29, reversed course after the release of February's US employment data, touched a high of 79.847, and was ahead 0.07 percent for the day at 79.710 late on Friday.