The rupee moved both ways against the dollar on the money market during the week, ended on December 23, 2017. The rupee gained six paisas in relation to the dollar for buying and selling at Rs 110.40 and Rs 110.43.
INTERBANK MARKTE RATES: OPEN MARKET RATES: The rupee, however, lost 30 paisas in relation to the dollar for buying and selling at Rs 110.30 and Rs 110.80. The rupee also shed 50 paisas against the euro for buying and selling at 129.50 and Rs 131.50.
Commenting on the rupee's slight fluctuations, some experts said that national currency lost five percent during the month and now it looks that the rupee may not depict sharp variation versus the dollar. It looks that market will determined the direction of the rupee versus the dollar as the Governor State Bank of Pakistan (SBP) did not rule out further devaluation and said further (In our opinion we are near to equilibrium.
Marketmen said that the rupee may continue to remain under pressure in the near future, because of soaring trade and current account deficit.
INTER-BANK MREKT RATES: On Monday, the rupee shed five paisas against the dollar for buying at Rs 110.45 while the national currency held the week-end level for selling at Rs 110.50. On Tuesday, the rupee was down by seven paisas against the dollar for buying at Rs 110.52 while the national currency shed three paisas for selling at Rs 110.53.
On Wednesday, the rupee managed to recover two paisas against the dollar for buying and selling at Rs 110.50 at Rs 110.51. On Thursday, the rupee almost trade in a narrow band against the dollar for buying and selling at Rs 110.48 at Rs 110.50. On Friday, the rupee picked up eight paisas against the dollar for buying and selling at 110.40 and 110.43.
OPEN MARKET RATES: On December 18, the rupee stayed put in relation to the dollar for buying and selling at Rs 110.00 and Rs 110.50. The rupee fell by 60 paisas against the euro for buying and selling at Rs 129.00 and Rs 131.00.
On December 19, the rupee dropped by 20 paisas in relation to the dollar for buying and selling at Rs 110.00 and Rs 110.50. The rupee also followed the same pattern versus the euro, losing 90 paisas for buying at Rs 128.40 and it also shed 60 paisas for selling Rs 129.80. On December 20, the rupee showed no variation versus the dollar for buying and selling at Rs 110.00 and Rs 110.50. The rupee lost 40 paisas against the euro for buying and selling at Rs 129.40 and Rs 131.00.
On December 21, the rupee after maintaining firm trend versus the dollar, shed 30 paisas for buying and selling at Rs 110.30 and Rs 110.80. The rupee also fell by 10 paisas against the euro for buying and selling at Rs 129.50 and Rs 131.50.
On December 22, the rupee also rose by 10 paisas versus the greenback for buying and selling at 110.20 and Rs 110.70. The rupee was unchanged in relation to the euro for buying and selling at Rs 129.50 and Rs 131.50. On December 23, the rupee failed to maintain overnight firmness, losing 10 paisas against the dollar for buying and selling at Rs 110.30 and Rs 110.80. The rupee sustained it's value for the third day in a row in terms of the euro for buying and selling at Rs 129.50 and Rs 131.50.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar held modest gains against the euro and yen on Monday, having received a lift after US tax reform efforts moved another step closer to ratification over the weekend. The US currency had edged higher after Republicans on the House-Senate negotiating committee on Friday put the finishing touches on a sweeping tax overhaul that involves large corporate tax cuts.
The dollar's gains, however, were limited as investors adopted a wait-and-see approach until the deal was sealed. The euro extended Friday's modest losses and dipped 0.05 percent to $1.1744. The dollar was trading against the Indian rupee at Rs 64.13, the greenback was at 4.085 in terms of the Malaysian ringgit and the US currency was available at 6.612 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday.82.65-82.65 (Previous 82.60-82.60).
In the second Asian trade, he dollar index, which tracks the US currency against a basket of six major rivals, was steady on the day at 93.673. Rising hopes of the bill's passage helped push US stocks to record highs on Monday. The dollar edged up 0.1 percent to 112.63 yen, drifting in a range between its high of 113.750 hit a week ago and Friday's low of 112.035.
The dollar was available against the Indian rupee at Rs 64.15, the greenback was at 4.074 and the US currency was at 6.615 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 82.70-82.70 (Previous 82.65-82.65). In the third Asian trade, the dollar was supported on Wednesday by expectations of a US tax overhaul while a sharp rise in German bond yields helped to underpin the euro.
The House of Representatives approved the biggest US tax overhaul in 30 years on Tuesday, though Congressional Republicans will likely need to hold another vote later on Wednesday because of procedural issues. The dollar was trading against the Indian rupee at Rs 64.06, the greenback was at 4.072 in terms of the Malaysian ringgit and the US currency was available at 6.595 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 82.70-82.70 (Previous 82.70-82.70).
In the fourth Asian trade, the dollar traded near a one-week high against the yen on Thursday, supported by a rise in US bond yields and showing limited reaction after the Bank of Japan kept interest rates steady as expected. The dollar held steady at 113.40 yen, clinging near Wednesday's high of 113.47 yen, its strongest level since December 13. A rise beyond last week's high of 113.75 yen would send the dollar to its highest point in more than a month.
The dollar was trading against the Indian rupee at Rs 64.12, the US currency was available at 4.076 in terms of the Malaysian ringgit and the greenback was at 6.571 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday 82.70-82.70 (Previous 82.70-82.70. In the final Asian trade, the dollar edged up on Friday though it remained on track for weekly losses, while the euro slumped after Catalan vote results indicated a victory for separatists in a blow to Madrid.
Spain's government had hoped that the Catalan election would strip pro-independence parties of their control of the regional parliament and end their campaign to force a split. But with 96 percent of ballots counted in a vote to elect Catalonia's regional parliament, separatist parties are seen winning 70 seats out of 135. The dollar was trading against the Indian rupee at Rs 64.025, the greenback was at 4.088 in terms of the Malaysian ringgit and the US currency was available at 6.572 versus the Chinese yuan. In the final NY market, the euro slipped against the dollar on Friday after Catalan separatists won a regional election, prompting worries about the possible break-up of the euro zone's fourth-largest economy.
Spain's government had hoped that the Catalan election would strip pro-independence parties of their control of the regional parliament and end their campaign to force a split. But with 96 percent of ballots counted in a vote to elect Catalonia's regional parliament, separatist parties are seen winning 70 seats out of 135. The euro slid 0.1 percent to $1.1858. But Europe's common currency was still up nearly 13 percent this year, on track for its best yearly performance in 14 years. Analysts said trading volumes were thin ahead of the Christmas holiday, resulting in some volatility. Friday's most eye-catching mover was once again bitcoin, this time because of losses, after a rally that took it all the way near $20,000 on December 17. It plunged nearly 30 percent at one point to below $12,000, having lost a third of its value since Sunday. The dollar index was flat at 93.316. For the year, the index was down about 8.5 percent.