THE RUPEE: firm trend


A steadier trend was seen on the money market as the rupee improved versus the dollar and euro during the week, ended on June 28, 2014. In the interbank market, the rupee fluctuated slightly in terms of the dollar for buying and selling at Rs 98.76 and Rs 98.78, respectively.

In the open market, the rupee gained 70 paisa versus the dollar for buying at Rs 99.10 and the national currency picked up 65 paisa for selling at Rs 99.30, the rupee also rose by 15 paisa against the euro for buying and selling at Rs 134.25 and Rs 134.50, they added.

The rupee showed gradual fluctuation versus the dollar during the week, it is expected that the rupee may improve further in times to come, experts said. INTERBANK MARKET RATES: On Monday, the rupee extended it week-end losses versus the dollar, shedding 43 paisa for buying at Rs 98.75 and it also fell by 46 paisa for selling at Rs 98.80. On Tuesday, the rupee rose by 13 paisa in relation to the dollar for buying and selling at Rs 98.62 and the national currency was up by 15 paisa for selling at Rs 98.65.

On Wednesday, the rupee lost 10 paisa versus the dollar for buying at Rs 98.72 and the national currency also shed nine paisa for selling at Rs 98.74. On Thursday, the rupee continued overnight slide in terms of the dollar, losing six paisa for buying and selling at Rs 98.78 and Rs 98.80. On Friday, the rupee gained two-paisa in relation to the dollar for buying and selling at Rs 98.76 and Rs 98.78.

OPEN MARKET RATES: On June 23, the rupee was down by 10 paisa in terms of the dollar for buying at Rs 99.80 and the national currency also shed five paisa for selling at Rs 99.95. The rupee also depreciated by 20 paisa against the euro for buying and selling at Rs 135.40 and Rs 135.65.

On June 24, the rupee followed the suit in the open market, rising by 20 paisa against the dollar at Rs 99.60 and picking up 25 paisa for selling at Rs 99.70. The rupee also appreciated by 15 paisa against the euro for buying and selling at Rs 135.25 and Rs 135.50.

On June 25, the rupee, however, gained 15 paisa in relation to the dollar for buying at Rs 99.45 and it also rose by five paisa for selling at Rs 99.65. The rupee also appreciated by 75 paisa against the euro for buying and selling at Rs 134.50 and Rs 134.57.

On June 26, the rupee, however, rose by 15 paisa in relation to the dollar for buying and selling at Rs 99.30 and Rs 99.80. The rupee also appreciated by 45 paisa against the euro for buying and selling at Rs 134.10 and Rs 134.35.

On June 27, the rupee also gained 20-paisa in relation to the dollar for buying and selling at Rs 99.10 and Rs 99.30. The rupee followed the same pattern in terms of the euro, picking up 10-paisa for buying and selling at Rs 134.00 and Rs 134.25.

On June 30, the rupee shed five paisa in relation to the dollar for buying and selling at Rs 99.15 and Rs 99.35. The rupee followed same pattern in terms of the euro, losing 25 paisa for buying and selling at Rs 134.25 and Rs 134.50.

DOLLAR VALUE VERSUS MAJOR CURRENCIES: In the first Asian trade, the Australian dollar jumped to test its year-to-date peak on Monday after a Chinese manufacturing survey showed surprisingly big improvements.

The Canadian dollar also hit a five-month high, building on to its 0.6 percent gain against the greenback on Friday as surprisingly high Canadian inflation data and robust retail sales figures challenged the central bank’s accommodative policy stance.

The dollar was trading against the Indian rupee at Rs 60.18, the greenback was available versus the Malaysian ringgit at 3.2170 and the US currency was at 6.2250 in terms of the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Monday. 77.63-77.6325 (previous 77.63-77.63). Call Money Rates: 05.50-07.00 percent (previous 05.50-07.00 percent).

In the second Asian trade, the Australian dollar jumped to test its year-to-date peak after a Chinese manufacturing survey showed surprisingly big improvements.

The Canadian dollar also hit a five-month high, building on to its 0.6 percent gain against the greenback on Friday as surprisingly high Canadian inflation data and robust retail sales figures challenged the central bank’s accommodative policy stance.

The dollar was trading against the Indian rupee at Rs 60.18, the greenback was at 3.2170 in terms of the Malaysian ringgit and the US currency was at 6.2250 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Monday. 77.63-77.6325 (previous 77.63-77.63). Call Money Rates: 05.50-07.00 percent (previous 05.50-07.00 percent).

In the third Asian trade, the British pound nursed losses after comments from the Bank of England governor cooled expectations for an interest rate hike this year, while its G3 counterparts drifted in well-worn ranges. Surprisingly less hawkish comments from BoE Governor Mark Carney saw the pound dip to a near one-week low of $1.6966, pulling away from a 5-1/2 year peak of $1.7064 set last Wednesday.

The dollar was trading against the Indian rupee at Rs 60.22, the greenback was at 3.2245 in terms of the Malaysian ringgit and the US currency was available at 6.2351 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Wednesday. 77.63-77.63 (previous 77.63-77.6310). Call Money Rates: 05.50-07.00 percent (previous 05.25-07.00 percent).

In the fourth Asian trade, the dollar languished near one-month lows against a basket of major currencies on Thursday, following a surprise downward revision to US first quarter economic growth. The dollar index fell as far as 80.091 on Wednesday, a low not seen since May 22, as investors reacted negatively to data that showed the US gross domestic product contracted at a 2.9 percent annualised pace, the sharpest decline in five years.

The dollar was trading against the Indian rupee at Rs 60.15, the greenback was at 3.2160 in terms of the Malaysian ringgit and the US Currency was available at 6.2292 versus the rupee. Inter bank buy/sell rates for the taka against the dollar on Thursday. 77.63-77.63 (previous 77.63-77.63). Call Money Rates: 05.60-07.00 percent (previous 05.25-07.00 percent).

In the final Asian trade, the dollar was poised to end the week with a whimper, dropping to a more than one-month low against the yen on Friday after downbeat US spending data gave investors no reason to hope for higher US rates anytime soon. The New Zealand dollar, meanwhile, hovered at its highest in nearly three years as investors sought out higher-yielding currencies.

The dollar was trading against the Indian rupee at Rs 60.13, the greenback was available at 3.2070 in terms of the Malaysian ringgit and the US currency was at 6.2214 versus the Chinese yuan.

Recorder Report

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