THE RUPEE: all-round gains


The rupee firmly held the commanding position against the dollar and euro on the currency market during the week, ended on May 10, 2014. In the interbank market, the rupee rose by 27 paisa in terms of the dollar for buying at Rs 98.57 and the national currency also picked up 26 paisa for selling at Rs 98.60.

In the open market, the rupee followed same print, gaining 20 paisa versus the dollar for buying at Rs 99.10 and it also inched up by five paisa for selling at Rs 99.35. The rupee also appreciated Re.one in relation to the euro for buying and selling at Rs 136.00 and Rs 136.25.

Comfortable supply of dollars, supported the rupee to look ahead, besides, an upward trend in the foreign exchange reserves is also one of the solid reason behind the rupee’s strength versus the dollar, analysts said. Country’s foreign exchange reserves at over 12 billion dollars.

Friendly countries providing loans and funds for different development works in the country, helped the easy supply of dollars during the week, they added.

INTER-BANK MARKET RATES: On Monday, the rupee depreciated by 12 paisa in relation to the dollar for buying at Rs 98.84 and it also lost 11 paisa for selling at Rs 98.86. On Tuesday, the rupee appreciated by 17 paisa in relation to the dollar for buying at Rs 98.67 and the nation currency picked up 16 paisa for selling at Rs 98.70. On Wednesday, the rupee extended overnight gains versus the dollar, picking up 29 paisa for buying at Rs 98.38 and it also gained 30 paisa for selling at Rs 98.40 for selling.

On Thursday, the rupee was down by 17 paisa in relation to the dollar for buying at Rs 98.55 and it also lost 40 paisa for selling at 98.60. On Friday, the rupee shed only two paisa in relation to the dollar for buying at Rs 98.57 while it firmly held the last level for selling at 98.60.

OPEN MARKET RATES: On May 5, the rupee, however, picked up 35 paisa versus the dollar for buying and selling at Rs 99.30 and Rs 99.40. The national also extended gains, rising by 25 paisa in relation to the euro for buying and selling at Rs 137.00 and Rs 137.25. On May 6, the rupee adopted the same in relation to the dollar, picking up 50 paisa for buying 98.90 and it also rose by 30 paisa for selling at Rs 99.10. The national currency, however, shed 10 paisa against the euro for buying and selling at Rs 137.10 and Rs 137.35.

On May 7, the rupee adopted same pattern against the dollar as it rose by 30 paisa for buying at Rs 98.50 and it also gained 20 paisa for selling at Rs 98.90. The national currency also appreciated in relation to the euro, gaining 35 paisa for buying and selling at Rs 136.50 and Rs 136.75.

On May 8, the rupee also fell versus the dollar, losing 30 paisa for buying and selling at Rs 98.90 and it also shed 20 paisa for selling at 99.10. The national currency also depreciated in relation to the euro, falling 75 paisa for buying and selling at Rs 137.25 and Rs 137.50.

On May 9, the rupee lost 20 paisa for against the dollar for buying at Rs 99.10 and it also fell by 25 paisa for selling at 99.35. The national currency, however, gained Re.one in relation to the euro for buying and selling at Rs 136.25 and Rs 136.50.

On May 10, the rupee was unchanged in relation to the dollar for buying and selling at Rs 99.10 and 99.35. While, the national currency gained 25 paisa against the euro for buying and selling at Rs 136.00 and Rs 136.25.

OVERSEAS OUTLOOK FOR MAJOR CURRENCIES: In the first Asian trade, the yen hit a two-week high against the dollar as risk appetite was depressed by a survey showing China’s manufacturing activity contracted for a fourth straight month, putting the Australian dollar on the skids.

The US dollar had already been falling against the yen, after staging a reversal late last week that saw the greenback erase all of its gains sparked by a strong US payrolls report.

The dollar was trading against the Indian rupee at Rs 60.06, the greenback was at 3.2560 in terms of the Malaysian ringgit and the US currency was available at 6.2464 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Monday. 77.65-77.65 (77.65-77.65). Call Money Rates: 05.50-07.50 percent (previous 05.50-07.50 percent).

In the second Asian trade, the dollar hovered near a three-week low versus a basket of currencies as US bond yields struggled to pull away from their recent troughs, with moves subdued in holiday-thinned trade.

The Dollar was trading against the Indian rupee at Rs 60.12, the greenback was available at 3.2555 in terms of the Malaysian ringgit and the US currency was at 6.2288 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday. 77.65. 77.65. (77.65-77.65). Call Money Rates: 05.50-07.50 percent (previous 05.50-07.50 percent).

In the third Asian trade, the South Korean won hit a near six-year high on Wednesday, leading gains among emerging Asian currencies, as US Treasury yields fell ahead of Fed Chair Janet Yellen’s congressional hearings later this week.

The dollar was trading against the Indian rupee at Rs 60.11, the US currency was at 3.2450 in terms of the Malaysian ringgit and the greenback was at 3.2535 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday. 77.65-77.65 (77.65-77.65). Call Money Rates: 05.75-07.50 percent (previous 05.50-07.50 percent).

In the fourth Asian trade, the euro held below a near two-month high ahead of an interest rate review by the European Central Bank (ECB), while the Aussie rose on better-than-expected data on Australian jobs and Chinese trade. For the euro, the main focus is the ECB, which is widely expected to keep interest rates on hold.

The dollar was trading against the Indian rupee at Rs 60.03, the US currency was available at 3.2470 in terms of the Malaysian ringgit and the greenback was at 6.2305 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Thursday. 77.6450-77.6500 (77.65-77.65). Call Money Rates: 05.50-07.50 percent (previous 05.50-07.50 percent).

In the final trade, the euro struggled to gain traction after dovish comments from European Central Bank President Mario Draghi the previous day sent the currency tumbling from a 2-1/2 year high. The single currency held steady at $1.3839, having pulled back from a peak of $1.3995 set on Thursday on trading platform EBS, the highest since October 2011.

The dollar was available against the Indian rupee at Rs 60.07, the US currency was at 3.2280 in terms of the Malaysian fringgit and the greenback was at 6.229 versus the Chinese yuan.

At the week-end, the euro extended its sharp decline from a 2-1/2-year high against the dollar, a day after European Central Bank chief Mario Draghi did his best to sap the currency’s strength by threatening more monetary stimulus.

The US dollar, meanwhile, traded at a one-week high against a basket of its major trading partners’ currencies, pulling it off a 20-month low reached on Thursday.

Following the ECB’s policy meeting on Thursday, Draghi warned that the euro’s strength was “a serious concern” and that the ECB was “comfortable” with taking more action to support economic growth and raise inflation at its June meeting.

Recorder Report

loading...
loading...