The rupee fluctuated slightly against the dollar during the week, ended on 04 May, 2019. INTER-BANK MARKET RATES: The rupee moved with little changes in terms of the dollar for buying and selling at Rs 141.30 and Rs 141.32. OPEN MARKET RATES: The rupee picked up 50 paisas in terms of the dollar for buying and selling at Rs 141.30 and Rs 141.80, they said. The rupee also rose by 50 paisas in relation to the euro for buying and selling at Rs 157.50 and Rs 159.05.
Commenting on rupee's modest recovery versus the dollar, marketmen said that slight improvement in the supply of the greenback helped the rupee to recover and giving impression that the local currency may look ahead in the near future. It also came under observation that country's foreign exchange reserves fell and stood at 8.805 billion dollars.
INTER-BANK MARKET RATES: On Monday, the rupee moved with slight changes versus the dollar for buying and selling at Rs 141.30 and Rs 141.35. On Tuesday, the rupee did not move sharply versus the dollar for buying and selling at Rs 141.39 and Rs 141.40. On Thursday, the rupee picked up 15 paisas versus the dollar for buying at Rs 141.25 and it also rose by 10 paisas for selling at Rs 141.30. On Friday, the rupee shed it's value modestly in terms of the dollar for buying and selling at Rs 141.30 and Rs 141.32.
OPEN MARKET RATES: On April 29, the rupee dropped 10 paisas in terms of the dollar for buying and selling at Rs 141.80 and Rs 142.30, they said. The rupee shed 50 paisas in relation to the euro for buying and selling at Rs 158.00 and Rs 159.50, they said.
On April 30, the rupee was also unchanged in terms of the dollar for buying and selling at Rs 141.39 and Rs 142.40, they said. The rupee dropped by 50 paisas in relation to the euro for buying and selling at Rs 158.50 and Rs 160.10, they said. On May 1st, banks were closed due to Labour Day holiday.
On May 2, the rupee also appreciated in terms of the dollar, gaining 10 paisas for buying and selling at Rs 141.70 and Rs 142.20. The rupee was almost unchanged in relation to the euro for buying and selling at Rs 158.50 and Rs 160.30.
On May 3, the rupee, however, gained 20 paisas in terms of the dollar for buying and selling at Rs 141.50 and Rs 142.00. The rupee also gained Re one in relation to the euro for buying and selling at Rs 157.50 and Rs 159.30.
On May 4, the rupee picked up more 20 paisas in terms of the dollar for buying and selling at Rs 141.30 and Rs 141.80. The rupee was unchanged in relation to the euro for buying and selling at Rs 157.50 and Rs 159.05.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar dozed in a snug band on Monday as Japan kicked off a week of holidays, giving investors an extra excuse to idle ahead of a Federal Reserve policy meeting and a raft of global data including on US core inflation and payrolls.
Movements were minimal with the dollar keeping to a mere 14-tick range on the yen and not much more on the euro. Liquidity is set to be puddle deep in Asia this week with China also off from Wednesday to Friday.
All eyes are on the Fed to see what its policymakers made of a first-quarter gross domestic product report that showed strong growth of 3.2 percent, but largely for one-off reasons including a surge in inventories.
Core inflation, on the other hand, surprised by slowing sharply, leading speculators to actually narrow the odds on a rate cut this year. Fed fund futures now imply a rate of 2.20 percent by the year end, from 2.41 percent now.
The dollar was trading against the Malaysian ringgit at 4.130 and the greenback was available at 6.730 versus the Chinese yuan.
In the second Asian trade, the dollar was all but flat lining in Asia on Tuesday as investors awaited readings on Chinese manufacturing and the European economy to gauge the pulse of the global economy. The dollar was trading against the Indian rupee at 69.783, the greenback was at 4.134 in terms of the Malaysian ringgit and the US currency was available at 6.738 against the Chinese yuan.
In the third Asian trade, the New Zealand dollar took a spill on Wednesday after disappointing jobs data only added to expectations that interest rates would have to be cut, perhaps as soon as this month.
The kiwi dollar was down 0.37 percent at $0.6648, having been as low as $0.6625 at one stage. That helped the Australian dollar hop up 0.4 percent to NZ$1.0606 and away from important chart support at $1.0550.
The Aussie was also a fraction firmer on the US dollar at $0.7053, though trade was very thin with much of Asia and Europe on holiday. The kiwi's slip came after government data showed employment unexpectedly fell in the March quarter, even as the jobless rate eased a tick to 4.2 percent.
Wage growth also unexpectedly slowed to an annual 2.0 percent, suggesting the weakness seen in inflation during the March quarter might not be transitory.
In the fourth Asian trade, the dollar was content to consolidate in Asia on Thursday after recovering from a brief spill overnight when markets were whipsawed by mixed messages on policy from the Federal Reserve.
The euro was back at $1.1207, after reaching as high as $1.1265 overnight, while the dollar steadied at 111.54 yen from a low of 111.03. The dollar was trading against the Indian rupee at Rs 69.530 and the greenback was at 4.135 in terms of the Malaysian ringgit.
In the final Asian trade, the dollar looked set to end the week with a firmer tone on Friday as markets scaled back bets on a US rate cut, though much depends on what jobs data due later in the session says about the health of the economy and wages.
That helped the dollar index recoup losses from earlier in the week to stand at 97.834 against a basket of currencies, up from a trough of 97.149.
The dollar was trading against the Indian rupee at Rs 69.223 and the Malaysian ringgit was available at 4.140 in relation to the greenback. In the final US trade, the dollar slipped against a basket of currencies on Friday as traders focused on the weaker aspects in the April US payrolls report, brushing aside a stronger-than-forecast in hiring and a drop in the jobless rate to an over 49-year low.
Traders turned their attention to the modest 0.2% monthly pace of wage growth and the drop in the job participation rate, which analysts blamed for the catalysts for some selling in the greenback.