THE RUPEE: weaker trend


The rupee tended lower slightly against the dollar on the local currency market, during the week, ended on October 18, 2014. In the interbank market, the rupee shed four paisa in relation to the dollar for buying and selling at Rs 102.88 and Rs 90, money experts said.

In the open market, the rupee managed to sustain its levels versus the dollar at Rs 102.50 and Rs 102.70. The rupee lost Rs 1.50 against the euro for buying and selling at Rs 130.50 and Rs 130.75.

The rupee came under pressure in terms of the dollar due to increasing demand for the greenback. It is most likely that the rupee may move cautiously in times to come, they added.

INTER-BANK MARKET RATES: On Monday, the rupee slipped versus the dollar, shedding two paisa for buying and selling at Rs 102.84 and Rs 102.86. On Tuesday, the rupee continued fall in terms of the dollar, losing five paisa for buying and selling at Rs 102.89 and Rs 102.91. On Wednesday, the rupee shed four-paisa in relation to the dollar, for buying and selling at Rs 102.92 and Rs 102.95 respectively. On Thursday, the rupee almost held the overnight levels in terms of the dollar for buying and selling at Rs 102.89 and Rs 102.90. On Friday, the rupee held the overnight levels against the dollar for buying and selling at Rs 102.88 and Rs 102.90.

OPEN MARKET RATES: On October 13, the rupee sustained its levels for the third day in terms of the dollar for buying and selling at Rs 102.50 and Rs 102.70. While the rupee, lost 25 paisa against the euro for buying and selling at Rs 129.00 and Rs 129.25.

On October 14, the rupee touched the mark of 103 against the dollar, as it was down by 20-paisa for buying as well as for selling at Rs 102.80 and Rs 103.00 respectively. It also drifted lower versus the euro, dropping 50-paisa for buying and selling at Rs 129.50 and Rs 129.75.

On October 15, the rupee adopted the same pattern versus the dollar, slipping by 10 paisa for buying and selling at Rs 102.60 and Rs 102.80. While the rupee, held the overnight levels against the euro for buying and selling at Rs 129.00 and Rs 129.25. On October 16, the rupee recovered 10 paisa versus the dollar for buying and selling at Rs 102.70 and Rs 102.90. While the rupee fell sharply against the euro, losing Rs one for buying and selling at Rs 130.50 and Rs 130.75.

On October 17, the rupee extended overnight gains versus the dollar, picking up further 10 paisa for buying and selling at Rs 102.60 and Rs 102.80. The rupee, however, lost 50 paisa in relation to the euro for buying and selling at Rs 131.00 and Rs 131.25. On October 18, the rupee appreciated by 10 paisa against the dollar for buying and selling at Rs 102.50 and Rs 102.70, they said. The rupee also picked up 50 paisa in relation to the euro for buying and selling at Rs 130.50 and Rs 130.75, they said.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar fell to a one-month low against the yen, as heightened worries about the health of the global economy continued to shore up the safe-haven Japanese currency. The dollar also slipped versus the euro and the Australian dollar in choppy, holiday-thinned trade.

The dollar was trading against the Indian rupee at Rs 61.23, the greenback sat at 3.2580 in terms of the Malaysian ringgit and the US currency was available at 6.1252 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: 07.75-09.50 percent (Previous 07.50-09.50 percent). (revised).

In the second Asian trade, the dollar rebounded modestly against the yen and euro following steep falls overnight, although risk aversion amid the fall in global equities and uncertainty on the timing of Federal Reserve interest rate hikes put a firm cap on the currency. The dollar crawled up 0.4 percent to 107.235, but remained in close range of a one-month low of 106.76 hit earlier in the session. The euro slipped 0.2 percent to $1.2726 after surging nearly one percent overnight.

The dollar was at Rs 61.00 versus the Indian rupee, the greenback was available at 3.2525 in terms of the Malaysian ringgit and the US currency was at 6.1265 in relation to the Chinese yuan.

Inter bank buy-sell rates for the taka against the dollar on Tuesday. 77.40-77.40 (previous 77.40-77.40). Call Money Rates: 07.00-09.25 percent (Previous 07.25-09.50 percent).

In the third Asian, South Korea’s won ended higher in Seoul on Wednesday as the central bank cut interest rates but gave little sign that it intended easing further. Most other emerging Asian currencies eased slightly on worries about a slowing global economy.

The won had weakened after the Bank of Korea slashed its base rate by 25 basis points to two percent, the lowest since mid-2010, as expected.

The dollar was trading at Rs 61.41 versus the Indian rupee, the greenback was available at 3.2745 in terms of the Malaysian ringgit and the US currency was at 6.1256 in relation to the Chinese yuan.

In the fourth Asian trade, the dollar was sharply lower, its appeal deeply dented after poor US data added to growth concerns that sent equities tumbling and Treasury yields plunging. Already on shaky ground after being buffeted by growth concerns over the past few sessions, a string of downbeat economic data including weak retail sales and manufacturing activity numbers dealt Wall Street a fresh blow overnight, sending the S&P 500 down by as much as 4.4 percent at one point.

The dollar was available against the Indian rupee at Rs 61.63, the greenback was at 3.2740 in terms of Malaysian ringgit and the US currency was at 6.1240 versus the Chinese yuan. 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: 07.00-09.25 percent (Previous 07.00-09.25 percent).

In the final Asian trade, the yen was off its recent highs on Friday after another choppy session overnight where some calm returned to Wall Street thanks to encouraging US data that helped take the edge off global growth jitters.

Also aiding risk sentiment, the head of the St. Louis Federal Reserve Bank, James Bullard, said the US central bank may want to keep up its bond buying stimulus for now given a drop in inflation expectations.

The dollar was at Rs 61.52 against the Indian rupee, the greenback was trading versus the Malaysian ringgit at 3.2765 and the US currency was at 6.1238 in terms of the Chinese yuan.

At the week-end, the US dollar edged higher against a basket of major currencies on after strong US consumer sentiment data calmed nerves at the end of a week of severe market volatility. The Thomson Reuters/University of Michigan preliminary October reading on the overall index on consumer sentiment unexpectedly rose to 86.4, the highest since July 2007.

The data eased concerns after worries surrounding the health of the global economy shook stocks, bonds and currencies markets this week. The dollar hit three-week lows against the euro and Swiss franc and a more than one-month low against the yen on Wednesday.

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