THE RUPEE: firm trend witnessed


The rupee, somehow, managed to retain current levels against the dollar and euro during the shortened week, on account of Eid-ul-Azha holidays. In the interbank market, the rupee traded at Rs102.82 and Rs102.84 amid higher demand for dollars, money experts said.

In the open market, the rupee picked up 10 paisa versus the dollar for buying and selling at Rs102.50 and Rs102.70, the rupee also gained Rs1.35 in terms of the euro for buying and selling at Rs128.75 and Rs129.

The rupee managed to gain against the dollar despite persistent demand for dollars amid post-holiday sessions, analysts said.

The demand was high for dollars as market reopened after observing three days holidays on account of Eid-ul-Azha, they said.

INTER-BANK MARKET RATES: On Thursday, the rupee depreciated by 30 paisa in relation to the dollar for buying and selling at Rs102.82 and Rs102.84.

On Friday, the rupee retained its levels in relation to the dollar for buying and selling at Rs102.82 and Rs102.84.

OPEN MARKET RATES: On October 9, the rupee lost 40 paisa versus the dollar for buying and selling at Rs102.40 and Rs102.60. The rupee also fell sharply in relation to the euro, losing Rs2.10 for buying and selling at Rs130.10 and Rs130.35, they said.

On October 10, the rupee shed 10 paisa versus the dollar for buying and selling at Rs102.50 and Rs102.70. The rupee, however, gained Rs1.10 in terms of the euro for buying and selling at Rs129.00 and Rs129.25.

On October 12, the rupee held the overnight levels in terms of the dollar for buying and selling at Rs102.50 and Rs102.70. While the rupee, gained 25 paisa against the euro for buying and selling at Rs128.75 and Rs129.

DOLLAR Vs MAJOR CURRENCIES: In the first Asian session, the dollar had shed 0.9 per cent versus the yen – its biggest one-day drop since early April – and backed away from a six-year high of 110.09 yen, set last week.

In the second Asian trade, the dollar edged higher on Tuesday, showing resilience in the wake of the previous day’s slide, which was seen as a temporary setback for dollar bulls. The dollar rose to 0.3 pc against the yen to 109.11 yen. The dollar was available at Rs61.43 versus the Indian rupee, the greenback was at 3.2620 in terms of the Malaysian ringgit and the US currency was at 6.1395 against the Chinese yuan.

In the third Asian trade, the safe-haven yen stood tall, having risen broadly as risk appetite waned in the wake of a plunge in German industrial output, and after the IMF cut, its global economic growth forecasts for a third time this year. The dollar traded at 108.335 yen after sliding to a three-week low of 107.82 yen, further recoiling from a six-year high of 110.09 set a week ago. The euro dipped to its lowest in a month to 136.50 yen before edging back to 136.90.

In the forth Asian session, the dollar hit a two-week low versus a basket of currencies, after minutes from the US Federal Reserve’s last meeting prompted markets to push out expectations for the likely timing of an interest rate rise.

The dollar index fell 0.1 pc to 85.174. It slipped to 85.143 at one point, its lowest level since late September, pulling away from a four-year peak of 86.746 hit on Friday.

The dollar was trading against the Indian rupee at Rs61.08, the greenback was at 3.2360 versus the Malaysian ringgit and the US currency was available at 6.1323 in terms of the Chinese yuan.

Inter bank buying/selling rates for the taka against the dollar on Thursday was 77.40-77.40 (previous 77.40-77.40). Call Money Rates: 07.75-09.50 pc (Previous 07.75-09.50 pc) (revised).

In the final trade, the dollar steadied against the euro and yen on Friday, though lower US yields capped its rebound after the Federal Reserve’s dovish undertones sapped the greenback’s recent strength.

The euro was flat at $1.2695, but still within reach of a low of $1.2664 struck overnight after a plunge in German exports raised fears of a recession in Europe’s largest economy and reinforced a case for more action by the European Central Bank.

The dollar was trading against the Indian rupee at Rs61.17, the greenback was at 3.2480 in terms of the Malaysian ringgit and the US currency was at 6.1310 in relation to the Chinese yuan.

At the week-end, the dollar firmed for a second straight session after three consecutive days of losses, bolstered by safe-haven bids on worries about the health of the global economy with slow-downs evident in Europe, Japan, and China.

“Dollar strength is still on the table here going forward and the driver behind that is policy divergence,” said Andrew Dilz, currency strategist at Tempus Consulting in Washington.

Recorder Report

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