THE RUPEE: marginal change


Divergent trend seen on the money market during the week, ended on June 7, 2014. In the interbank market, the rupee gained three paisa in terms of the dollar for buying at Rs 98.60 and the local currency also picked up two paisa for selling at Rs 98.65. In the open market, the rupee, however, shed 10 paisa against the dollar for buying and selling at Rs 99.70 and Rs 99.85, the rupee, fell by 10 paisa in relation to the euro for buying at Rs 135.60 and it also lost 15 paisa for selling at Rs 135.90.

Experts said that the rupee did not react sharply to the announcement of federal budget for the next year 2014-15 amid rising expectations for increase in supply of dollar in times to come.

INTER-BANK MARKET RATE: On Monday, the rupee picked up five paisa against the dollar for buying at Rs 98.63 and it also rose by four paisa for selling at Rs 98.66.On Tuesday, the rupee gained slightly versus the dollar for buying and selling at Rs 98.62 and Rs 98.64. On Wednesday, the rupee picked up 12-paisa against the dollar for buying and for selling at Rs 98.50 at Rs 98.52. On Thursday, the rupee gained five paisa against the dollar for buying at Rs 98.58 and it also rose by six paisa for selling at Rs 98.60. On Friday, the rupee shed two paisa versus the dollar for buying at Rs 98.60 and it also fell by five paisa for selling at Rs 98.65.

OPEN MARKET RATES: On June 2, the rupee also gained 10 paisa in relation to the dollar for buying at Rs 99.60 and it rose by 15 paisa for selling at Rs 99.75. The rupee picked up 50 paisa against the euro for buying and selling at Rs 135.50 and Rs 135.75. On June 3, the rupee shed 15 paisa against the dollar for buying and selling at Rs 99.75 and Rs 99.90. While the rupee, showed no change versus the euro for buying and selling. On June 4, the rupee shed five-paisa versus the dollar for buying at Rs 99.70 while the national currency did not move any side for selling at Rs 99.90. The rupee, however, rose 25 paisa in terms of the euro for buying and selling at Rs 135.25 and Rs 135.50.

On June 5, the rupee held its overnight levels versus the dollar for buying and selling at Rs 99.70 and Rs 99.90. The rupee also maintained its last levels in relation the euro for buying and selling at Rs 135.25 and Rs 135.50, they said. On June 6, the rupee was unchanged against the dollar for buying at Rs 99.70 while it gained five paisa for selling at Rs 136.85. The rupee lost 35 paisa versus the euro for buying and selling at Rs 135.80 and Rs 136.05.

On June 7, the rupee did not move any side against the dollar for buying and selling at Rs 99.70 and Rs 99.85. The rupee managed to recover 20 paisa in terms of the euro for buying at Rs 135.60 and the local currency was up by 15 paisa fro selling at Rs 135.90.

WORLD VALUE OF DOLLAR: In the first Asian trade, the dollar edged up as the yen started the week on the back foot against its major counterparts, though pressure remained on the euro as the market braced for further stimulus measures from the European Central Bank this week. Short-term investors increased short positioning on the euro to 16,633 contracts from 9,220 a week earlier, according to data for the week ended May 27 released by the Commodity Futures Trading Commission on Friday.

The dollars was trading against the Indian rupee at Rs 59.16, the greenback was at 3.2250 in terms of the Malaysian ringgit and the US currency was available at 6.247 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Monday. 77.63-77.63 (77.63-77.63). Call Money Rates: 05.50-07.25 percent (previous 05.40-07.25 percent).

In the second Asian trade, the dollar hovered near a four-month high against a basket of major currencies early on Tuesday, bolstered by upbeat US data and taking advantage of a euro that is still in the doldrums ahead of a much-anticipated European Central Bank meeting later this week.

The dollar was trading against the Indian rupee at Rs 59.13, the greenback was at 3.2270 versus the Malaysian ringgit and the US currency was at 6.2462 against the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday. 77.63-77.63 (77.63-77.63). Call Money Rates: 05.50-07.25 percent (previous 05.50-07.25 percent.

In the third Asian trade, the Indonesian rupiah hit a near four-month low on Wednesday, leading a decline among emerging Asian currencies as investors added to their dollar holdings on higher US yields. Spot rupiah fell on importers’ dollar demand and its weakness in non-deliverable forwards markets.

The Singapore dollar fell to a near six-week low on slower growth in manufacturing activity in May. The Philippine peso eased as short-term investors covered bearish dollar bets.

The dollars was trading against the Indian rupee at Rs 59.43, the greenback was at 3.2340 in terms of the Malaysian ringgit and the US currency was available at 6.2552 versus the Chinese yuan.

In the fourth Asian trade, the euro languished near four-month lows with investors firmly sidelined as they waited to see what measures the European Central Bank would implement to tackle the threat of deflation.

The greenback was trading against the Indian rupee at Rs 59.30, the US currency was available at 3.2275 in terms of the Malaysian ringgit and the dollar was at 6.251 in terms of the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Thursday. 77.6300-77.6325 (previous 77.63-77.63). Call Money Rates: 05.50-07.25 percent (previous 05.50-07.25 percent).

In the final Asian trade, the euro held steady on Friday after a dramatic rebound from a four-month trough the previous day as investors booked profits after the European Central Bank (ECB) eased policy in a long-anticipated move.

The euro last traded at $1.3659, having recovered from a trough of $1.3503 set on Thursday shortly after the ECB cut interest rates to record lows, taking its deposit rate into negative territory for the first time. The dollar was trading against the Indian rupee at Rs 59.19, the greenback was at 3.2150 in terms of the Malaysian ringgit and the US currency was available at 6.2516 versus the Chinese yuan.

At the week-end, the US dollar recouped losses as investors added to a well-worn pattern of borrowing greenbacks to buy higher-yielding currencies after solid US jobs data left little chance the Federal Reserve would speed up monetary tightening. This follows Thursday’s long-promised steps by the European Central Bank to boost the level of monetary stimulus into the euro zone economy, which, over time, puts pressure on investors to sell euros and buy higher-yielding currencies.

Recorder Report

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