THE RUPEE: modest gains


The rupee moved cautiously against the dollar on the money market during the week, ended on Mar 5, 2014.

INTERBANK MARKET: The rupee gained 33 paisa versus the dollar for buying at Rs 98.15 and the national currency picked up 35 paisa at Rs 98.17.

OPEN MARKET RATES: The rupee rose by 10 paisa against the dollar for buying at Rs 99.80 and it also gained 15 paisa for selling at Rs 99.95. The rupee also appreciated by Rs 1.05 versus the euro for buying and selling at Rs 137.20 and Rs 137.50, respective.

Some experts said that the rupee managed to gain modestly against the dollar due to comfortable supply of dollars. Now, it looks that the rupee has stabilised as the national currency moved with gradual fluctuations in terms of the dollar, money experts said. Remittances showed visible increase and on the other hand, country’s foreign Exchange reserves also managed to show an upward trend during the week.

This factor will help the rupee to stabilise in the coming days, they said.

INTERBANK MRAKET RATES: On Monday, the rupee fell versus the dollar, losing 43-paisa for buying at Rs 98.48 and it also lost 44-paisa for selling at Rs 98.52.

On Tuesday, the rupee picked up 18-paisa versus the dollar for buying at Rs 98.30 and also rose by 17-paisa for selling at Rs 98.35 in process of trading.

On Wednesday, the rupee rose 14 paisa against the dollar for buying and selling at Rs 98.17 and Rs 98.20. On Thursday, the rupee managed to hold firmness against the dollar, picking up one paisa for buying at Rs 98.16 and it rose by two paisa for selling at Rs 98.18.On Friday, the rupee showed little variation against the dollar, picking up one paisa for buying and selling at Rs 98.15 and Rs 98.17.

OPEN MARKET RATES: On Mar 31, the rupee did not move any side in relation to the dollar for buying and selling at Rs 99.90 and Rs 100.10. The rupee was unchanged in terms of the euro for buying at Rs 138.25, but it gained 25-paisa for selling at Rs 138.50.

On April 1st, the rupee showed no change against the dollar for buying and selling at Rs 99.90 and Rs 100.10. The rupee gained 25-paisa in relation to the euro for buying and selling at Rs 138.00 and Rs 138.25.

On April 2nd, the rupee picked up 20 paisa in relation to the dollar for buying at Rs 99.70 and gained 15 paisa for selling at Rs 99.95. The rupee rose by 75 paisa versus the euro for buying and selling at Rs 137.25 and Rs 137.50.

On April 3, the rupee shed 10 paisa in relation to the dollar for buying at Rs 99.80 while it did not move any side for selling at Rs 99.95, they said. The rupee retained overnight levels versus the euro for buying and selling at Rs 137.25 and Rs 137.50.

On April 5, the rupee maintained overnight levels in relation to the dollar for buying and selling at Rs 99.80 at Rs 99.95. The rupee gained 25 paisa in relation to the euro for buying and selling at Rs 137.00 and Rs 137.30.

On April 1st, the rupee sustained overnight levels in relation to the dollar for buying and selling at Rs 99.80 at Rs 99.95. The rupee could not maintain its firmness, losing 20 paisa in relation to the euro for buying and selling at Rs 137.20 and Rs 137.50, respectively.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the yen struggled to gain traction versus the dollar and touched a fresh six-year low against the New Zealand dollar on Monday as demand for the safe-haven currency waned amid hopes of more stimulus from China. The dollar held steady at 102.84 yen, staying above Friday’s session low near 102.03 yen. The New Zealand dollar rose as far as 89.26 yen earlier on Monday, a level not seen since November 2007.

The dollar was trading against the Indian rupee at Rs 59.91, the greenback was at 3.2660 in terms of the Malaysian ringgit and the US currency was at 6.2216 versus the Chinese yuan.

The beleaguered yen found little reprieve in Asia early on Wednesday, the only major currency showing a clear trend as risk appetite stayed buoyant and investors continued to bet on more stimulus from China and perhaps even Japan. The dollar bought 103.66, having hit a 3-1/2 week peak of 103.71 as US stocks rose to a record closing high. A break above the March 7 peak of 103.77 will take it back to highs not seen since late January.

In the second Asian trade, the South Korean won led gains among emerging Asian currencies on Tuesday after dovish comments from US Federal Reserve Chair Janet Yellen and stronger China manufacturing data.

The won ended the local trade up 0.6 percent at 1058.5, its strongest close since January 13, as South Korean trade data and a manufacturing survey for March suggested a continuous recovery in Asia’s fourth-largest economy.

The dollar was trading against the Indian rupee at Rs 59.91, the greenback was at 3.2660 in terms of the Malaysian ringgit and the US currency was at 6.2051 versus the Chinese yuan.

In the fourth Asian trade, the euro inched lower versus the dollar on Thursday, staying on the defensive as the market turned cautious on expectations the European Central Bank may sound dovish following its policy review later in the day.

The dollar was trading against the Indian rupee at Rs 60.02, the greenback was at 3.2795 in term of the Malaysian ringgit and the US currency was at 6.208 against the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Thursday. 77.67-77.67 (77.67-77.67). Call Money Rates: 06.50-08.25 percent (previous 05.00-08.25 percent).

At the week-end, the dollar fell against other major currencies after rising in early trading even though US data showed solid jobs gains for a second straight month.

The March jobs report was generally in line with market expectations and eases the way for the Federal Reserve to keep cutting back its bond-buying program, analysts and strategists said. The dollar index was off 0.07 percent at 80.415 after touching 80.599, its highest since February 27.

In the final Asian trade, the dollar traded close to a five-week high against a basket of currencies in Asia on Friday, as investors positioned for the possibility of an upside surprise in US non-farm payrolls due later in the day.

Analysts polled by Reuters expect the economy to have created 200,000 jobs in March, which would be the highest in four months, after rising by 175,000 in February. The unemployment rate is seen falling one-tenth of a percentage point to 6.6 percent.

The dollar was trading against the Indian rupee at Rs 60.34, the greenback was at 3.2825 in terms of the Malaysian ringgit and the US currency was at 6.2156 in relation to the Chinese yuan.

Recorder Report

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