In the open market, the rupee did not move any side in terms of the dollar for buying at Rs 91.20, while it shed 10-paisa for selling at Rs 91.50, against the euro, the rupee picked up 52-paisa for buying and selling at Rs 115.33 and Rs 115.83.
The rupee resisted fresh fall versus the dollar due to increase in dollars' supply from financial institutions, but experts did not rule out the uncertainties over the International Monetary Fund (IMF) repayment and oil import payments, which most likely force the rupee to shed its gains versus the dollar.
As a result of higher payment, according to the State Bank of Pakistan (SBP), the country's foreign exchange reserves fell to 16.901 billion dollars, in the meantime, during the first six months of current fiscal year, overseas Pakistanis remitted nearly 6.325 billion dollars, but on the other hand, exports fell 11.5 percent in December, giving an impression fall in dollar supply in the coming days.
Since, the (SBP) had taken corrective measure, in which it reduced the two banks' Net Open Position (NOP) to ease pressure over the dollar purchasing in the coming days, and it also warned the other banks not to take unnecessary position against the rupee.
INTER-BANK MARKET RATES: On Monday, the rupee drifted lower by 15-paisa in relation to the dollar for buying and selling at Rs 90.75 and Rs 90.80. On Tuesday, the rupee gave up weakness, recovering 70-paisa in relation to the dollar for buying and selling at Rs 90.05 and Rs 90.10. On Wednesday, the rupee rose by 8-paisa versus the greenback for buying at Rs 89.97 and it also gained 10-paisa for selling at Rs 90.00.
On Thursday, the rupee fell by 28-paisa against the dollar for buying at Rs 90.25 and its came down by 30-paisa for selling at Rs 90.30.
On Friday, the rupee slipped in relation to the dollar, losing three-paisa against the dollar for buying at Rs 90.28 and it also shed two-paisa for selling at Rs 90.32.
OPEN MARKET RATES: On December 9, the rupee shed 10-paisa in relation to the dollar for buying and selling at Rs 91.20 and Rs 91.40. Against the euro, the rupee also lost 37-paisa for buying and selling at Rs 115.85 and Rs 116.35. On December 10, the rupee followed the same pattern against the dollar for buying and selling at Rs 90.80 and Rs 91.20. Against the euro, the rupee also rose, gaining 23-paisa for buying and selling at Rs 115.62 and Rs 116.12.
On December 11, the rupee also gained 10-paisa in terms of the dollar for buying at Rs 90.70 and it also picked up 20-paisa for selling at Rs 91.00. The rupee appreciated by 31-paisa in terms of the euro for buying and selling at Rs 115.31 and Rs 115.81.
On December 12, the rupee adopted the same pattern versus the greenback, shedding 50-paisa for buying and selling at Rs 91.20 and Rs 91.50. The rupee was almost unchanged against the euro for buying and selling at Rs 115.21 and Rs 115.82.
On December 13, the rupee held the overnight levels versus the dollar for buying and selling at Rs 91.20 and Rs 91.50. The rupee, however, dropped sharply versus the euro, losing Rs 1.59 for buying at Rs 116.80 and it also lost Rs 1.48 for selling at Rs 117.30.
On December 14, for the third day in a row, the rupee held the overnight levels versus the dollar for buying and selling at Rs 91.20 and Rs 91.50. While, the rupee, gained in relation to the euro, rising Rs 1.47 for buying and selling at Rs 115.33 and Rs 115.83.
OVERSEAS OUTLOOK FOR DOLLARS: In the first Asian trade, the euro hit a 16-month low versus the dollar on Monday, hurt by negative news from the euro zone over the weekend, with the risks of further declines seen in coming months.
The euro hits its lowest level since September 2010 of $1.2666 on trading platform EBS at one point. Against the yen, the euro hit an 11-year low of 97.28 yen, its lowest level since December 2000.
Inter bank buy/sell rates for the taka against the dollar on Monday. 82.78-82.90 (previous 82.50-82.65) Call Money Rates: 15.00-20.00 percent (previous 12.00-22.00 percent).
Reuters adds: In the second day of Asian trade, the euro held its ground in Asia on Tuesday but faces pressure later this week ahead of Italian and Spanish debt auctions.
The single currency stood at $1.2767 after an overnight bounce off a 16-month low of $1.2666. It climbed to a session high of $1.2797 on stop-loss bids above $1.2790, but fell short of stops said to lie around $1.2800. Buying ahead of a $1.2650 option barrier prompted early short-covering, as Tokyo traders returned after Monday's Japanese holiday.
The yuan held steady after the central bank set a stronger mid-point, sending a strong signal that global movements in the dollar will be the dominant factor in guiding the yuan's value in the near term. The dollar was trading versus the Indian rupee at Rs 52.24 and it was at 3.1355 in relation to the Malaysian ringgit.
Against the euro, the rupee also rose, gaining 23-paisa for buying and selling at Rs 115.62 and Rs 116.12, they said.
In the third Asian trade, the euro fell against the dollar and floundered near a record low versus the Australian dollar in cautious trade a day ahead of a European Central Bank policy meeting and debt sales from Spain.
The euro stood at $1.2738, down 0.3 percent from late US trade on Tuesday, having bounced off a 16-month trough at $1.2666 set on Monday on trading platform EBS. Resistance is seen at the overnight high around $1.2820, a level representing the 38.2 percent retracement of the January 3 to 9 decline.
The dollar was trading against the Indian rupee at Rs 51.72, it was also available at 3.1425 versus the Malaysian Ringgit and the dollar was available at 6.319 in terms of Chinese yuan, adds Reuters.
In the fourth Asian trade, the euro struggled higher in Asia, moving away from a fresh 16-month low hit overnight, but its gains were capped ahead of a bond sale by Spain that is seen as a test of confidence in Europe's ability to meet its funding needs.
The single currency edged up 0.1 percent to $1.2714, after earlier bouncing off support at $1.2700, ahead of an option barrier at $1.2650 and another said to lie at $1.2590. The euro fell as low as $1.26615 on trading platform EBS in New York on Wednesday. Resistance is seen at the overnight high around $1.2790.
Inter bank buy/sell rates for the taka against the dollar on Thursday. 83.40-83.65 (previous 83.10-83.38). Call Money Rates: 20.00 percent (previous 12.00-20.00 percent). The yuan edged down slightly on Thursday, as a stronger dollar elicited a weaker mid-point from the central bank, adds Reuters.
In the final Asian trade, the euro rose versus the dollar on Friday, its gains accelerated by stop-loss buying, with mounting hopes for a Greek bond swap deal also lending the single currency support.
The euro had been supported by short-covering after debt sales in Spain and Italy the previous day drew solid demand, and added to its gains late in the Asian session after triggering stops near $1.2850/60, traders said. The dollar was trading versus the Indian rupee at Rs 51.42, the greenback of available at 3.1290 in terms of the Malaysian ringgit and the US currency was at 6.3099 in relation to the Chinese yuan, Reuters adds.
At the week-end, the euro dropped to its lowest against the dollar in nearly 17 months and tumbled to an 11-year low versus the yen, pressured by talk of a downgrade in the credit ratings of several euro zone countries later in the session.
A senior euro zone government source said Standard & Poor's is set to downgrade the ratings of euro zone countries, but not Germany's. This was later confirmed by French Finance Minister Francois Baroin, who said France and other euro zone countries have been warned that it would be downgraded by S&P.