THE RUPEE: stable trend


Firmness prevailed on the money market as the rupee performed well in terms of the dollar during the week, ended on May 9, 2015. In the interbank market, the rupee did not move any side against the dollar for buying and selling at Rs 101.75 and Rs 101.77.

In the open market, the rupee managed to gain 15 paisas versus the dollar for buying and selling at Rs 102.35 and Rs 102.55. The rupee also rose by 50 paisas in relation to the euro for buying and selling at Rs 114.25 and Rs 114.50.

Commenting on the rupee’s performance during the week, analysts observed that the rupee traded against the dollar cautiously.

Gloomy economic growth, absence of political harmony, terrorism and changing situation in the Gulf in the wake of Yemen war could be the factors influencing the exchange rate negatively.

Some experts said that there may be a fear that greenback could be stronger in the near future as it has been appreciating gradually since the beginning of the financial year.

As a precautionary measure, the government may investigate that how billions of dollars were invested by Pakistanis in Dubai properties, they added.

INTER-BANK MARKET RATES: On Monday, the rupee drifted lower in relation to the dollar, shedding three paisas for buying and selling at Rs 101.75 and Rs 101.77.

On Tuesday, the rupee continued weakness versus the dollar, declining further three paisas for buying and selling at Rs 101.78 and Rs 101.80.

On Wednesday, the rupee picked up four paisas for buying and selling at Rs 101.74 and Rs 101.76, they said.

On Thursday, the rupee almost maintained its overnight levels versus the dollar for buying and selling at Rs 101.75 and Rs 101.76. On Friday, the rupee one paisa versus the dollar for buying and selling at Rs 101.75 and Rs 101.77, they said.

OPEN MARKET RATES: On May 4, the rupee held the weekend levels versus the dollar for buying and selling at Rs 102.50 and Rs 102.70. The rupee, picked up 45 paisas against the euro for buying and selling at Rs 113.75 and Rs 114.00.

On May 5, the rupee, however, gained five paisas in relation to the dollar for buying and selling at Rs 102.50 and Rs 102.70. The rupee was unchanged against the euro for buying and selling at Rs 113.75 and Rs 114.00.

On May 6, the rupee was unmoved in relation to the dollar for buying and selling at Rs 102.40 and Rs 102.60. The rupee dropped by 85 paisas against the euro for buying and selling at Rs 114.60 and Rs 114.85.

On May 7, the rupee was unmoved in relation to the dollar for buying and selling at Rs 102.40 and Rs 102.60, they said. The rupee dropped by 85 paisas against the euro for buying and selling at Rs 114.60 and Rs 114.85.

On May 8, the rupee did not move any side against the dollar for buying and selling at Rs 102.40 and Rs 102.60.

The rupee inched up by 10 paisas against the euro for buying and selling at Rs 114.50 and Rs 114.75.

On May 9, the rupee inched up versus the dollar, gaining five paisas for buying and selling at Rs 102.35 and Rs 102.55. The rupee also gained 25 paisas against the euro for buying and selling at Rs 114.25 and Rs 114.50.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar clung onto tenuous gains, having staged a modest rebound late last week as sellers set their sights on sterling after disappointing UK data. Already on tenterhooks ahead of the May 7 general election, the pound was further stung by a survey showing British manufacturing growth slowed sharply in April.

The dollar was trading against the Indian rupee at Rs 63.42, the greenback was at 3.5600 versus the Malaysian ringgit and the US currency was at 6.2083 in terms of the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Monday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 06.50-8.00 percent (Previous 06.50-08.00 percent).

In the second session, the dollar slipped, staying on the defensive after disappointing US trade data for March painted an even bleaker picture of the economy in the first quarter. The US trade deficit jumped 43.1 percent to $51.4 billion in March, the largest since October 2008, after a surge in imports.

The dollar was trading against the Indian rupee at Rs 63.64, the greenback was at 3.5710 in terms of the Malaysian ringgit and the US currency was at 6.2010 in relation to the Chinese yuan.

Interbank buy/sell rates for the taka against the dollar on Wednesday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 06.00-7.75 percent (Previous 06.00-08.00 percent).

In the third session, the dollar slipped, staying on the defensive after disappointing US trade data for March painted an even bleaker picture of the economy in the first quarter.

The US trade deficit jumped 43.1 percent to $51.4 billion in March, the largest since October 2008, after a surge in imports.

The dollar was trading against the Indian rupee at Rs 63.64, the greenback was at 3.5710 in terms of the Malaysian ringgit and the US currency was at 6.2010 in relation to the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Wednesday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 06.00-7.75 percent (Previous 06.00-08.00 percent).

In the third session, the dollar slipped, staying on the defensive after disappointing US trade data for March painted an even bleaker picture of the economy in the first quarter.

The US trade deficit jumped 43.1 percent to $51.4 billion in March, the largest since October 2008, after a surge in imports.

The dollar was trading against the Indian rupee at Rs 63.64, the greenback was at 3.5710 in terms of the Malaysian ringgit and the US currency was at 6.2010 in relation to the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Wednesday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 06.00-7.75 percent (Previous 06.00-08.00 percent).

In the fourth Asian trade, major currencies stuck to recent ranges ahead of US jobs report later, but sterling seized the spotlight and rallied to its highest in just over a week on expectations that British Prime Minister David Cameron’s Conservatives will stay in office.

The Conservatives are set to govern Britain for another five years although they may fall just short of holding an outright majority, an exit poll showed, a result likely to trigger an in-out referendum on European Union membership within two years, while Scots could soon be pressing for independence again.

The dollar was trading against the Indian rupee at Rs 63.97, the greenback was at 3.5935 in terms of the Malaysian ringgit and the US currency was at 6.2074 versus the Chinese yuan.

At the week-end, the US dollar failed to rally against a basket of major currencies after a mixed US jobs report stoked uncertainty over the timing of Federal Reserve rate hikes, but gains against the euro helped the currency edge higher.

US Labour Department data showed non-farm payrolls increased 223,000 last month, while the unemployment rate dropped to a near seven-year low of 5.4 percent. March payrolls, however, were revised to show only 85,000 jobs were created, the smallest since June 2012.

Recorder Report

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