Home »Money and Banking » Pakistan » Rupee » THE RUPEE: firm trend

Steadier trend was seen on the money market as the rupee sustained it's current levels against the dollar during the week, ended on February 25, 2017.

OPEN MARKET RATES: The rupee was unchanged in relation to the dollar for buying and selling at Rs 107.00 and Rs 107.20. While, the national currency rose by 75 paisas, against the euro for buying and selling at Rs 112.50 and Rs 114.00.

INTER-BANK MARKET RATES: The rupee sustained present levels in relation to the dollar for buying and selling at Rs 104.85 and Rs 104.86, they said.

According to reports, the State Bank of Pakistan (SBP) likely to increase interest rates in second half, besides, the country's foreign exchange reserves at 21.9 billion dollars, which may help in easing the supply of dollars.

Recently, country's textile and clothing exports declined, which could hurt earnings in the coming days, they said.

The rupee, somehow, managed to retain its present levels against the dollar on the money market despite strong demand for dollars.

OPEN MARKET RATES: On Monday, the rupee did not show any change versus the dollar for buying and selling at Rs 107.00 and Rs 107.20. It, however, lost 25 paisas against the euro for buying and selling at Rs 113.25 and at Rs 114.75.

On Tuesday, the rupee dropped 10 paisas versus the dollar for buying and selling at Rs 107.10 and Rs 107.30. It, however, gained 55 paisas against the euro for buying and selling at Rs 112.70 and Rs 114.10.

On Wednesday, the rupee did not move any side versus the dollar for buying and selling at Rs 107.10 and Rs 107.30. It, however, gained 20 paisas against the euro for buying and selling at Rs 112.50 and Rs 114.00.

On Thursday, the rupee stayed put versus the dollar for buying and selling at Rs 107.10 and Rs 107.30. It, however, shed 30 paisas against the euro for buying and selling at Rs 112.80 and Rs 114.30. On Friday, the rupee rose by 10 paisas versus the dollar for buying and selling at Rs 107.00 and Rs 107.20. It, however, shed 20 paisas against the euro for buying and selling at Rs 113.00 and Rs 114.50.

On Saturday, the rupee was unchanged in relation to the dollar for buying and selling at Rs 107.00 and Rs 107.20. It, however, picked up 50 paisas against the euro for buying and selling at Rs 112.50 and Rs 114.00.

INTER-BANK MARKET RATES: The whole week, the rupee almost traded in relation to the dollar for buying and selling at Rs 104.85 and Rs 104.86.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, a slide in US bond yields pressured the dollar against the yen, while the euro struggled for traction after suffering significant losses at the end of last week on renewed concerns about the upcoming French elections.

The dollar was little changed at 113.090 yen, not far from 112.620, its lowest since February 9 touched on Friday.

The dollar was trading against the Indian rupee at Rs 66.98, the greenback was at 4.4560 versus the Malaysian ringgit and the US currency was at 6.8689 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 79.30-79.30 (previous 79.30-79.30).

In the second Asian trade, the dollar gained, taking its cue from higher US Treasury yields as investors awaited minutes from the Federal Reserve's latest meeting for signals to the pace of interest rate hikes.

The dollar was trading against the Indian rupee at Rs 66.92, the greenback was at 4.4580 versus the Malaysian ringgit and the US currency was at 6.8845 in terms of the Chinese yuan.

In the third Asian trade, the dollar lost ground in Asian trading as investors waited the minutes of the Federal Reserve's latest meeting for clues as to the pace of interest rate hikes, while Europe's political woes kept a bruised euro under pressure.

The Fed minutes due to be released later on Wednesday could either reinforce or undermine recent hawkish comments from central bank policy makers.

The dollar was 0.2 percent lower at 113.45 yen, edging away from its peak of 114.955 yen touched a week ago, which was its highest since late January.

The dollar was trading against the Indian rupee at Rs 66.88, the greenback was at 4.4540 in terms of the Malaysian ringgit and the US currency was available at 6.8795 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Wednesday.: 79.30-79.30 (previous 79.30-79.30).

In the fourth Asian trade, the dollar drifted as impact from the Federal Reserve's policy meeting minutes and supportive comments from a top US official faded, while the Australian dollar slipped in the wake of downbeat economic data.

The dollar was trading against the Indian rupee at Rs 66.83, the greenback was at 4.4480 in terms of the Malaysian ringgit and the US currency was at 6.8786 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 79.30-79.35 (previous 79.30-79.30).

In the final Asian trade, the dollar clawed back some ground on Friday after skidding to a two-week low against the yen, but was still on track for weekly losses after the Federal Reserve meeting minutes disappointed dollar bulls.

The euro was off this week's lows but remained pressured by fears about anti-European Union rhetoric from French presidential candidate Marine Le Pen ahead of the first round of French elections on April 23, with the second round to come in May.

The dollar was trading against the Indian rupee at Rs 66.83, the greenback was at 4.4440 in terms of the Malaysian ringgit and the US currency was at 6.8704 in relation to the Chinese yuan.

At the week-end, the US dollar fell to a more than two-week low against the Japanese yen as investors doubted the likelihood of swift tax reform and a quick spending boost from US President Donald Trump's administration.

On Thursday, US Treasury Secretary Steven Mnuchin suggested that much work was still needed on key elements of a tax reform plan, one of the policies investors had anticipated would spur inflation and drive up US interest rates.



the author

Top
Close
Close