THE RUPEE: firmness prevails


Steadier trend was witnessed on the money market as the rupee moved with marginal changes versus the dollar during the week, ended on March 28. On the interbank market, the rupee was down by five-paisa against the dollar at Rs 98.05 and it also shed three-paisa for selling at Rs 98.08.

On the open market, the rupee did not show any change against the dollar for buying and selling at Rs 99.90 and Rs 100.10. It gained 95-paisa in terms of the euro for buying and selling at Rs 138.90 and Rs 138.75.

Previous week, the dollar came under pressure versus the rupee on comfortable supply of the US currency, and expectations for aid from friendly countries and loans from the International Monetary Fund (IMF) boosted the rupee.

Uncertainty prevailed on money market after surge in the rupee value in relation to the dollar but now it appeared that rates stabilised in both open and interbank market, experts said.

INTER-BANK MARKET RATES: On Monday, the rupee rose by 14-paisa in relation to the dollar for buying at Rs 98.00 and it also gained 13-paisa for selling at Rs 98.05. On Tuesday, the rupee dropped by seven paisa in relation to the dollar for buying at Rs 98.07 and it also shed five paisa for selling at Rs 98.10.

On Wednesday, the rupee managed to gain against the dollar, picking up nine paisa for buying at Rs 97.98 and the national currency also rose by 10 paisa for selling at Rs 98.00, while on Thursday, it gained three paisa against the dollar for buying at Rs 97.95 while the national currency shed five paisa for selling at Rs 98.05.

On Friday, the rupee lost 10 paisa in terms of the dollar for buying at Rs 98.05 and it also shed three paisa for selling at Rs 98.08.

OPEN MARKET RATES: On March 23, the rupee retained its overnight level versus the dollar for buying and selling at Rs 99.90 and Rs 100.10 respectively, while it inched up by five-paisa in terms of the euro for buying at Rs 139.20, the single European currency, however, shed 20 paisa for selling at Rs 139.70.

On Mar 24, the rupee’s performance match with the interbank trend as it slipped by five paisa level versus the dollar for buying at Rs 99.95 and it also lost 10 paisa for selling at Rs 100.20, while it dropped by five paisa in terms of the euro for buying and selling at Rs 139.25 and Rs 139.75.

On Mar 25, the rupee was up by five paisa versus the dollar for buying at Rs 99.90 and it also appreciated by 10 paisa for selling at Rs 100.10, the rupee also rose by 50 paisa versus the euro for buying and selling at Rs 138.75 and Rs 139.25.

On March 26, the rupee firmly held the overnight level in relation to the dollar for buying and selling at Rs 99.90 and Rs 100.10, while it extended its gains versus the euro, picking up 75 paisa for buying and selling at Rs 138.00 and Rs 138.50.

On March 27, the rupee managed to hold overnight levels in relation to the dollar for buying and selling at Rs 99.90 and Rs 100.10. It also did not move any side versus the euro for buying and selling at Rs 138.00 and Rs 138.50.

On Mar 28, the rupee did not show any change in relation to the dollar for buying and selling at Rs 99.90 and Rs 100.10, while it came down versus the euro for buying and selling at Rs 138.25 and Rs 138.75.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar held on to last week’s gains on Monday though it lacked a fresh catalyst to extend them while the Australian dollar dipped after a soft Chinese manufacturing data. The dollar index stood at 80.143, little changed from late New York levels on Friday, but still not far off a three-week peak of 80.354 set on Thursday. The dollar was trading against the Indian rupee at Rs 60.70, the greenback was at 3.3010 versus the Malaysian ringgit and the US currency was at 6.2015 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 77.67-77.68 (77.6800-77.6825). Call Money Rates: 06.00-08.00 percent.

In the second Asian trade, the dollar held steady against a basket of major currencies, keeping a low profile after slipping on the previous day in the wake of a disappointing reading on US manufacturing activity. The dollar index last fetched 79.952, having backed away from Monday’s session high of 80.290 and a three-week peak of 80.354 set last Thursday. The dollar was trading against the Indian rupee at Rs 60.50, the greenback was at 3.2990 versus the Malaysian ringgit and the US currency was at 6.1827 against the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 77.67-77.68 (77.67-77.68). Call Money Rates: 06.25-07.75 percent.

In the third Asian trade, the euro steadied, bouncing off lows after comments from European Central Bank officials helped temper dovish comments made against the background of the currency’s recent bullishness. The dollar was trading against the Indian rupee at Rs 60.25, the greenback was at 3.3010 in terms of the Malaysian ringgit and the US currency was at 6.2080 versus the Chinese yuan. Call Money Rates: 06.25-07.75 percent.

In the fourth Asian trade, the euro held steady near recent lows versus the dollar after comments from European Central Bank officials revived speculation about new monetary easing to stave off potential deflation. The euro traded at $1.3784, hovering near a low of $1.3749 hit twice in recent days, a break of which will bring the currency to its lowest level since March 6. The dollar was trading against the Indian rupee at Rs 60.15, the US currency was available at 3.2885 in terms of the Malaysian ringgit and the greenback was at 6.2130 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 77.67-77.68 (77.67-77.68). Call Money Rates: 06.00-07.75 percent.

In the final Asian trade, the euro struggled near a three-week low against the dollar, weighed by recent dovish talk from several European Central Bank (ECB) officials. Buoyed by monetary tightening expectations, the New Zealand dollar continued its bull run, hitting a 2-1/2-year high against the greenback and a six-year peak versus the yen. The dollar was trading against the Indian rupee at Rs 60.08, the greenback was at 3.2745 in relation to the Malaysian ringgit and the US currency was at 6.2122 versus the Chinese yuan.

At the week-end, the dollar edged lower against the euro while rising against the yen on greater investor risk appetite after comments from a Chinese official indicated the government could implement stimulus.

Recorder Report

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