THE RUPEE: easier trend


Bears persisted on the currency market as the rupee tended lower versus the dollar during the week, ended on October 25, 2014. In the interbank market, the rupee lost 33 paisa in relation to the dollar for buying and selling at Rs 103.25 and Rs 103.30.

In the open market, the rupee shed 10 paisa against the dollar for buying and selling at Rs 102.90 and Rs 103.10. The local currency, however, gained 50 paisa versus the euro for buying and selling at 130.25 and Rs 130.65.

The rupee tended lower due to strong demand for dollar to meet payment requirements, expert said. Some analysts were of the view that the rupee manage to recover lost ground in relation to the dollar next week.

The rupee may be able to gain further ground, if remittances and exports depict improvement in times to come, they added.

INTER-BANK MARKET RATES: On Monday, the rupee shed four paisa for buying and selling at Rs 102.92 and Rs 102.94. At a point, the rupee was trading at Rs 103 on rising demand for dollars.

On Tuesday, the rupee moved up slightly versus the dollar, gaining two paisa for buying and selling at Rs 102.90 and Rs 102.92. On Wednesday, the rupee shed three paisa versus the dollar for buying and selling at Rs 102.93 and Rs 102.95. On Thursday, the rupee was down by six paisa versus the dollar for buying and selling at Rs 102.99 and Rs 103.01. On Friday, the rupee slid in terms of the dollar, losing 30 paisa for buying and selling at Rs 103.25 and Rs 103.30.

OPEN MARKET RATES: On Oct 20, the rupee adopted the same path in terms of dollar, losing 30 paisa for buying and selling at Rs 102.80 and Rs 103.00. The rupee also depreciated by 25 paisa in relation to the euro for buying and selling at Rs 130.75 and Rs 131.00. On October 21, the rupee also picked up 10 paisa in relation to the dollar for buying and selling at Rs 102.70 and Rs 102.90. The rupee appreciated by 25 paisa in terms of the euro for buying and selling at Rs 130.50 and Rs 130.75, they said.

On October 22, the rupee did not move any side in relation to the dollar for buying and selling at Rs 102.70 and Rs 102.90. The rupee maintained upward journey in terms of the euro, picking up 50 paisa for buying and selling at Rs 130.00 and Rs 130.25. On October 23, the rupee also shed five paisa in terms the dollar for buying and selling at Rs 102.75 and Rs 102.95. The rupee held the overnight levels in relation to the euro for buying and selling at Rs 130.00 and Rs 130.25. On October 24, the rupee dropped 15 paisa in terms the dollar for buying and selling at Rs 102.90 and Rs 103.10. The rupee also lost 25 paisa in relation to the euro for buying and selling at Rs 130.25 and Rs 130.50.

OPEN MARKET RATES: The rupee held the overnight levels against the dollar for buying and selling at Rs 102.90 and Rs 103.10, they said. The rupee continued its decline versus the dollar, losing 40 paisa in relation to the euro for buying and selling at Rs 130.25 and Rs 130.65, they said.

OVAERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar gained after upbeat data restored some calm to the financial markets, prompting equities to rally back from deep losses and triggering a rise in Treasury yields.

The greenback got a further lift against the yen after reports that Japan’s $1.2 trillion Government Pension Investment Fund (GPIF) could boost foreign asset holdings, seen spurring demand for foreign currencies.

The dollar was trading against the Indian rupee at Rs 61.23, greenback was at 3.2715 in terms of the Malaysian ringgit and the US currency was at 6.1239 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Monday. 77.40-77.40 (previous 77.40-77.40). Call Money Rates: 07.00-09.25 percent (Previous 06.75-09.25 percent).

In the second Asian trade, the dollar slipped as weak Chinese growth data rekindled concerns about the global economy.

In Tokyo afternoon trading, the greenback slipped to 106.59 yen against 106.92 yen in New York. The euro rose to $1.2810 from $1.2800, while it weakened to 136.54 yen from 136.86 yen in the US.

Traders moved into the yen seen as a safe-haven currency in times of turmoil or uncertainty as official data showed China’s gross domestic product expanded 7.3 percent year-on-year in July-September, slumping to a five-year low despite official efforts to shore up growth in the world’s second-largest economy.

In the third Asian trade, the euro flirted with one-week lows following a Reuters report that the European Central Bank (ECB) is considering buying corporate bonds, while a recovery in risk appetite underpinned the dollar against the yen.

The euro briefly fell to $1.2706 its lowest level since Thursday and last stood at $1.2723, little changed from late US levels but still lethargic after 0.7 percent fall on Tuesday.

The dollar was trading against the Indian rupee at Rs 61.24, the greenback was at 3.2630 in terms of the Malaysian ringgit and the US currency was available at 6.1175 versus the Chinese yuan.

In the fourth Asian trade, the dollar firmed after an unexpected rise in US inflation, while the euro struggled to recover as speculation swirls about further European Central Bank (ECB) easing measures.

In Tokyo morning trade, the dollar strengthened to 107.31 yen from 107.14 yen in New York late Wednesday. The euro was mixed at $1.2636 and 135.61 yen, against $1.2643 and 135.46 yen.

Inter bank buy-sell rates for the taka against the dollar on Thursday. 77.40-77.41 (previous 77.40-77.41). Call Money Rates: 07.00-08.75 percent (Previous 07.00-09.00 percent).

In the final Asian trade, the yen pulled away from two-week lows against the dollar on safe-haven bids as US stock futures tumbled on reports that a New York doctor had tested positive for the Ebola virus.

The dollar was trading against the Indian rupee at Rs 61.31, the greenback was at 3.2800 in terms of the Malaysian ringgit and the US currency was available at 6.1203 versus the Chinese yuan.

At the week-end, the euro rose ahead of an official report on the health of the euro zone’s main banks as investors continued a trend of covering their short-positions leading to buying of the currency against the US dollar.

Despite Friday’s weakness, the dollar is on track to close the week with a gain. Concerns about the first diagnosed case of Ebola in New York City, which stifled the dollar’s rally late Thursday, have waned, strategists said.

Recorder Report

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