The rupee moved cautiously in relation to the dollar on the money market during the week, ended on April 9, 2016. In the interbank market, the rupee moved with little change against the dollar for buying and selling at Rs 104.69 and Rs 104.70.
In the open market, the rupee gained 20 paisa against the dollar for buying and selling at Rs 105.20 and Rs 105.40. The rupee, however, lost 40 paisas versus the euro for buying and selling at Rs 119.50 and Rs 120.50.
The rupee managed to sustain its levels against the dollar owing to easy supply of the US currency. The rupee may keep its present levels in the coming days, experts said. On the back of surge in country's foreign exchange reserves, it is expected that the greenback supply to improve in times to come. According to the State Bank of Pakistan, the foreign exchange reserves went up to 20.88 billion dollars.
INTER-BANK MARKET RATES: On Monday, the rupee sustained week-end's rally, picking up two paisas versus the dollar for buying and selling at Rs 104.70 and Rs 104.72. On Tuesday, the rupee appreciated by three paisas versus the dollar for buying and selling at Rs 104.67 and Rs 104.69. On Wednesday, the rupee shed two paisas in relation to the dollar for buying and selling at Rs 104.69 and Rs 104.70. On Thursday, the rupee held the overnight levels versus the dollar for buying and selling at Rs 104.69 and Rs 104.70. On Friday, the rupee sustained last levels versus the dollar for buying and selling at Rs 104.69 and Rs 104.70, they said.
OPEN MARKET RATES: On April 4, the rupee was unmoved against the dollar for buying and selling at Rs 105.40 and Rs 105.60. The rupee picked up 20 paisas in terms of the euro for buying and selling at Rs 119.10 and Rs 120.10.
On April 5, the rupee also recovered five paisas against the dollar for buying and selling at Rs 105.35 and Rs 105.55. The rupee extended overnight gains versus the euro, picking up 35 paisas for buying and selling at Rs 118.75 and Rs 119.75.
On April 6, the rupee, however, gained 15 paisas against the dollar for buying and selling at Rs 105.20 and Rs 105.40. The rupee also picked up 25 paisas versus the euro for buying and selling at Rs 118.50 and Rs 119.50. On April 7, the rupee followed the same print against the dollar, showing no change for buying and selling at Rs 105.20 and Rs 105.40. While, the rupee lost 40 paisas in relation to the euro for buying and selling at Rs 118.90 and Rs 119.90.
On April 8, the rupee also showed no change against the dollar for buying and selling at Rs 105.20 and Rs 105.40. While, the rupee shed 10 paisas in relation to the euro for buying and selling at Rs 119.00 and Rs 120.00.
On April 09, the rupee was unchanged against the dollar for buying and selling at Rs 105.20 and Rs 105.40, they said. While, the rupee dropped by 50 paisas in relation to the euro for buying and selling at Rs 119.50 and Rs 120.50.
OVERSEAS OUTLOOK FOR DOLLARS: In the first Asian trade, the dollar was on the defensive, after Friday's firm US jobs report failed to shift the broadly held view that the Federal Reserve will remain cautious on interest rate hikes this year. The dollar slipped about 0.2 percent to 111.45 yen, after earlier skidding to as low as 111.32, its nadir since March 21.
The euro edged up 0.1 percent to $1.1389, not far from a 5-1/2-month high of $1.1438 struck on Friday.
The dollar was trading against the Indian rupee at Rs 66.28, the greenback was at 3.8730 in terms of the Malaysian ringgit and the US currency was at 6.4876 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday. 78.40-78.40 (previous 78.40-78.40).
In the second Asian trade, the dollar nursed losses against the yen and euro, but was firmer versus the Australian, Canadian and New Zealand currencies, which all succumbed to weakness in commodity prices.
The greenback has been on the defensive as views that the US central bank is in no hurry to tighten monetary policy have held sway ever since Federal Reserve Chair Janet Yellen last week expressed caution towards hiking interest rates. The dollar came under further pressure against the safe-haven yen as equities and crude oil prices fell.
The dollar was trading against the Indian rupee at Rs 66.13 the greenback was at 3.9170 versus the Malaysian ringgit and the US currency at 6.4698 in relation to the Chinese yuan. Inter bank buy/sell rates for the Taka against the dollar on Tuesday. 78.40-78.40 (previous 78.40-78.40).
In the third Asian trade, the dollar hovered near a 17-month low against the yen after taking a fresh knock overnight on comments by Japan's prime minister which suggested that authorities were cautious towards arresting the yen's appreciation.
The US currency inched up 0.1 percent to 110.51 yen but remained in striking distance of 109.92, its lowest level since October 31, 2014 hit late on Tuesday.
The dollar was trading against the Indian rupee at Rs 66.63, the greenback was at 3.9100 in terms of the Malaysian ringgit and the US currency was at 6.4768 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday. 78.40-78.40 (previous 78.40-78.40).
In the fourth Asian trade, the dollar slid to a 17-month low against the yen, pressured by minutes of the US Federal Reserve's meeting last month that underscored caution about future interest rate hikes.
The dollar fell to 109.10 yen at one point, its weakest against its Japanese counterpart since October 2014. The dollar last traded at 109.17 yen, down 0.6 percent on the day.
The euro slid 0.6 percent against the yen to about 124.42 yen. Against the greenback, the euro held steady at $1.1398, not far from a 5-1/2-month high of $1.1438 touched last week.
The dollar was trading against the Indian rupee at Rs 66.42, the greenback was at 3.8890 in terms of the Malaysian ringgit and the US currency was at 6.4648 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday. 78.40-78.40 (previous 78.40-78.40).
In the final Asian trade, the dollar firmed a little but languished close to 17-month lows against the yen, with the Japanese currency poised for weekly gains against its major counterparts despite verbal warnings from Japanese officials.
Underpinning the greenback, a less cautious tone from Federal Reserve Chair Janet Yellen reminded investors that US interest rate hikes are likely still in the cards this year, and Japanese Finance Minister Taro Aso let them know direct intervention is also possible.
The dollar was trading against the Indian rupee at Rs 66.47, the US currency was at 3.9220 in terms of the Malaysian ringgit and the greenback was available at 6.4785 in relation to the Chinese yuan.
At the week-end, the yen retreated broadly after posting gains this week, weighed by warnings overnight from Japan's finance minister of possible intervention by the government to weaken the currency. Gains in global stock markets and oil prices also bolstered the market's appetite for risk, diminishing the appeal of the safe-haven yen.