THE RUPEE: firmer trend


The rupee managed to hold the commanding position against the dollar on the currency market during the week, ended on July 14, 2014. In the interbank market, the rupee appreciated by six paisa against the dollar for buying at Rs 98.74 and the national currency also picked up 14 paisa for selling at Rs 98.76.

In the open market, the rupee picked up 10 paisa in relation to the dollar for buying and selling at Rs 98.80 and Rs 99.00. The rupee, however, lost 25 paisa versus the euro for buying and selling at Rs 134.25 and Rs 134.50.

Slight fluctuations in the value of the rupee are giving an impression that it may stay firm versus the dollar in times to come, some experts said. Improvement in remittances and foreign exchange reserves likely to help in the supply of dollars, they added.

The country received a record 15.83 billion dollars in remittances from overseas Pakistanis in the last fiscal year 2013-14, an increase of 13.7 percent over the previous year. Besides, the SBP said that the country foreign exchange reserves increased to 14.637 billion dollars.

INTER-BANK MARKET RATES: On Monday, the rupee fell by five paisa against the dollar for buying at Rs 98.80 and it shed two paisa for selling at Rs 98.90. On Tuesday, the rupee shed three paisa against the dollar for buying and selling at Rs 98.83 and Rs 98.93. On Wednesday, the rupee gained 13 paisa against the dollar for buying and selling at Rs 98.70 and Rs 98.80. On Thursday, the rupee showed no change against the dollar for buying at Rs 98.70 and the national currency gained eight paisa for selling at Rs 98.72. On Friday, the rupee dropped by four paisa against the dollar for buying and selling at Rs 98.74 and Rs 98.76.

OPEN MARKET RATES: On July 7, the rupee did not move any side versus the dollar for buying and selling at Rs 98.90 and Rs 99.10. The rupee also showed no variation in terms of the euro for buying and selling at Rs 134.00 and Rs 134.25.

On July 8, the rupee gained in relation to the dollar, picking up 10 paisa for buying and selling at Rs 98.80 and Rs 99.00. The rupee, however, lost 25 paisa in terms of the euro for buying and selling at Rs 134.25 and Rs 134.50.

On July 9, the rupee, however, shed 10 paisa in relation to the dollar for buying and selling at Rs 98.90 and Rs 99.10. The rupee also lost 15 paisa in terms of the euro for buying and selling at Rs 134.40 and Rs 134.65. On July 10, the rupee stayed put in relation to the dollar for buying and selling at Rs 98.90 and Rs 99.10. The rupee shed 10 paisa in terms of the euro for buying and selling at Rs 134.50 and Rs 134.75.

On July 11, the rupee was remained firm for the second day versus the dollar for buying and selling at Rs 98.90 and Rs 99.10. The rupee managed to recover 25 paisa in terms of the euro for buying and selling at Rs 134.25 and Rs 134.50.

On July 12, the rupee move positively versus the dollar, gaining 10 paisa for buying and selling at Rs 98.80 and Rs 99.00. The rupee maintained overnight levels in terms of the euro for buying and selling at Rs 134.25 and Rs 134.50.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar edged higher and touched its highest level in more than a week versus a basket of major currencies, staying on firm footing in the wake of last week’s solid US jobs data.

The dollar was trading against the Indian rupee at Rs 59.88, the US currency was available at 3.1860 versus the Malaysian ringgit, the greenback was at 6.200 against the Chinese yuan. Inter bank buy/sell rates for the taka BDT against the dollar on Monday. 77.63-77.64 (previous 77.63-77.63). Call Money Rates: 05.75-07.25 percent (previous 05.75-07.50 percent).

In the second Asian trade, the dollar held steady versus a basket of major currencies, having retreated from the previous day’s near-two-week high, giving the euro a chance to get over an unexpected slump in German industrial output.

The dollar index was at 80.233, off a 1-1/2-week peak at 80.359 set on Monday. Still, it managed to hold on to most of the gains made in the wake of solid payrolls data on Thursday.

The dollar was trading against the Indian rupee at Rs 59.91, the greenback was at 3.1770 in terms of the Malaysian ringgit and the greenback was available at 6.2058 versus the Chinese yuan. Inter bank buy/sell rates for the taka BDT= against the dollar on Tuesday. 77.63-77.63 (previous 77.63-77.63). Call Money Rates: 05.75-07.25 percent (previous 05.50-07.25 percent).

In the third Asian trade, the New Zealand dollar hovered near a three-year high on Wednesday, buoyed by the prospect of a sovereign rating upgrade, while the US dollar held steady ahead of minutes of the Federal Reserve’s latest policy meeting. Against a basket of major currencies, the greenback traded at 80.161, having pulled back from a 1-1/2-week high of 80.359 set earlier this week.

The dollar was trading against the Indian rupee at Rs 59.72, the greenback was at 3.1700 in terms of the Malaysian ringgit and the US currency was available at 6.196 versus the Chinese yuan.

Interbank buy/sell rates for the taka against the dollar on Wednesday. 77.61-77.61 (previous 77.63-77.63) Call Money Rates: 05.65-07.25 percent (previous 05.50-07.25 percent).

In the fourth Asian trade, the dollar traded around one-week lows against a basket of major currencies, coming under pressure after minutes of the Federal Reserve’s June meeting gave no clear indication about the timing of any interest rate rise.

The dollar was trading against the Indian rupee at Rs 59.76, the greenback was available at 3.1760 in terms of the Malaysian ringgit and the US currency was at 6.2012 versus the Chinese yuan. Interbank buy/sell rates for the taka BDT against the dollar on Thursday. 77.60-77.60 (previous 77.61-77.61). Call Money Rates: 05.75-07.00 percent (previous 05.50-07.25 percent).

In the final Asian trade, the yen was poised to end the week higher, having jumped to a five-month peak against the euro overnight as banking woes in Portugal drove global equities lower and lifted demand for the safe-haven currency.

Fears over financial troubles at the family-owned holding companies behind Portugal’s largest listed bank had unsettled European markets on Thursday.

The dollar was at Rs 60.18 against the Indian rupee, the greenback was at 3.1850 versus the Malaysian ringgit and the US currency was at 6.2082 against the Chinese yuan.

At the week-end, the US dollar was stable against the yen and the euro on as Portugal’s largest bank sought to reassure investors about its financial stability.

Banco Espirito Santo said on Thursday night that loan losses to the troubled empire of its founding family would not put the bank at risk of running short of capital.

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