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The rupee managed to gain modestly against the dollar on the money market during the week, ended on April 22, 2017.

INTER-BANK MARKET: The rupee traded in a narrow band for buying and selling at Rs 104.85 and Rs 104.87.

OPEN MARKET RATES: The rupee gained 30 paisas in terms of the dollar for buying and selling at Rs 105.90 and Rs 106.10. The rupee, however, fell sharply by Rs 1.50 versus the euro for buying and selling at Rs 113.00 and Rs 114.50.

Commenting on the economic outlook, some experts said that the need for collective efforts by both public and private sectors are necessary to bring the country's economy on track. They also said that earnings of textile earning are declining with the passage of time but the government is not trying to solve this sensitive issue.

They observed that during the announcement of Panamagate verdict, the national currency fell slightly due to slight increase in dollars' buying.

In the meantime, money experts said that the rupee may come under pressure modestly in the coming days.

INTER-BANK MARKET RATES: The whole week, the rupee managed to trade within a narrow band at Rs 104.82 and Rs 104.87.

OPEN MARKET RATES: On April 17, the rupee was unchanged in terms of the dollar for buying and selling at Rs 106.00 and Rs 106.20. The rupee lost 30 paisas in relation to the euro for buying and selling at Rs 112.30 and Rs 113.80. On April 18, the rupee was unmoved in terms of the dollar for buying and selling at Rs 106.00 and Rs 106.20, they said. The rupee lost further 30 paisas in relation to the euro for buying and selling at Rs 112.60 and Rs 114.10, they said.

On April 19, the rupee picked up 10 paisas in terms of the dollar for buying and selling at Rs 105.90 and Rs 106.10. The rupee shed 40 paisas in relation to the euro for buying and selling at Rs 113.00 and Rs 114.50.

On April 20, the rupee picked failed to sustain fresh gains, losing 10 paisas in terms of the dollar for buying and selling at Rs 106.00 and Rs 106.20.

The rupee also shed 30 paisas in relation to the euro for buying and selling at Rs 113.30 and Rs 114.90. On April 21, the rupee was unmoved versus the dollar for buying and selling at Rs 106.00 and Rs 106.20.

The rupee gained 10 paisas in terms of the dollar for buying and selling at Rs 105.90 and Rs 106.10. The rupee, however, shed 20 paisas versus the euro for buying and selling at Rs 113.00 and Rs 114.50.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar dipped to a five-month low against the yen as rising tensions over North Korea kept the safe-haven Japanese currency in demand.

The dollar index against a basket of major currencies was down 0.2 percent at 100.390, weighed down following the release of Friday's weak US retail sales and consumer prices data and as flight-to-safety drove US Treasury yields to five-month lows.

The dollar was trading against the Indian rupee at Rs 64.325, the greenback was at 4.403 in terms of the Malaysian ringgit and the US currency was at 6.888 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 79.81-79.82 (previous 79.80-79.80).

In the second Asian trade, the dollar pulled away from five-month lows versus the yen with comments from US Treasury Secretary Steven Mnuchin and higher debt yields giving the bruised greenback some breathing space.

Still, the dollar was capped by nervousness about Tuesday's economic dialogue between the United States and Japan.

The dollar was trading against the Indian rupee at Rs 64.560, the greenback was at 4.408 in terms of the Malaysian ringgit and the US currency was at 6.8835 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 79.85-79.85 (previous 79.81-79.82).

In the third Asian trade, the dollar index edged away from three-week lows on Wednesday, as a resurgent sterling gave back some of the gains it made after British Prime Minister Theresa May called an early general election ahead of Brexit negotiations.

The dollar index, which tracks the greenback against a basket of six rival currencies, edged up 0.1 percent to 99.633 pulling away from its overnight low of 99.465, its deepest trough since March 28.

The dollar was trading against the Indian rupee at Rs 64.535, the US currency was available at 4.404 in terms of Malaysian ringgit and the greenback is at 6.884 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 79.87-79.87 (previous 79.85-79.85).

In the fourth Asian trade, the dollar caught its breath in Asian trading on Thursday, holding above lows hit earlier this week as investors awaited this weekend's first round of voting in France's presidential election.

The dollar index, which tracks the US currency against a basket of six major rivals, was slightly higher on the day at 99.752, moving away from a three-week low of 99.465 plumbed on Tuesday.

The euro edged up 0.1 percent to $1.07200, and was expected to tread water ahead of this weekend's vote. Centrist Emmanuel Macron held on to his lead as favourite to emerge as the eventual victor, a closely watched poll showed, although it indicated that the outcome of the first round of voting on Sunday was too close to call.

The dollar was available against the Indian rupee at Rs 64.660, the greenback was at 4.400 in terms of the Malaysian ringgit and the US Currency was at 6.887 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 79.90-79.90 (previous 79.87-79.87).

In the final Asian trade, the dollar caught its breath in Asian trading holding above lows hit earlier this week as investors awaited this weekend's first round of voting in France's presidential election.

The dollar index, which tracks the US currency against a basket of six major rivals, was slightly higher on the day at 99.752, moving away from a three-week low of 99.465 plumbed on Tuesday.

The euro edged up 0.1 percent to $1.07200, and was expected to tread water ahead of this weekend's vote. Centrist Emmanuel Macron held on to his lead as favourite to emerge as the eventual victor, a closely watched poll showed, although it indicated that the outcome of the first round of voting on Sunday was too close to call.

The dollar was available against the Indian rupee at Rs 64.660, the greenback was at 4.400 in terms of the Malaysian ringgit and the US Currency was at 6.887 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Thursday: 79.90-79.90 (previous 79.87-79.87).

The euro weakened against the US dollar as investors braced for Sunday's first round of a tight French presidential election.

The euro was down 0.14 percent against the dollar at $1.0699, off the session low of $1.0683. The common currency was 0.33 percent lower against the yen and down 0.27 percent against the Swiss franc.

Polls showing Macron in pole position ahead of the vote and an upbeat Purchasing Managers' Index survey from France helped steady investors' nerves somewhat and the euro was still on pace for its best week in 11 against the dollar.

Still, the options markets suggest investors are concerned about the chances of strong results for far-right candidate Le Pen and far-left rival Jean-Luc Melenchon.

The dollar, which has been pressured lately by weaker-than-expected economic data and worries about the Trump administration's ability to pass tax and fiscal stimulus legislation, rose on Friday as traders squared up positions ahead of the weekend.

Copyright Business Recorder, 2017


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