Budget 2013-14 announced amid expectations for business-friendly incentives for traders and businessmen. The nation is already fed up with high rates of essentials and more taxes will increase their burden.
Commenting on the future direction in the local market, experts said it is expected that the new government's budgetary measures for 2013-14 to put the economy back on track, the decisions are hard and the nation would have to face many challenges to safe their future. The rupee may not fall sharply versus the dollar in days to come instead it looks that the rupee may improve with the passage of time.
INTER-BANK MARKET RATES: On Monday, the rupee lost five paisa in relation to the dollar for buying and four paisa for selling at Rs 98.55 and Rs 98.57.
On Tuesday, the rupee unmoved against the dollar for buying and selling at Rs 98.55 and Rs 98.57 respectively, they said. On Wednesday, the rupee gained two paisa against the dollar for buying and selling at Rs 98.53 and Rs 98.55, they said. On Thursday, the rupee inched up against the dollar for buying and selling at Rs 98.51 and Rs 98.54. On Friday, the rupee maintained its firmness against the dollar, gaining one paisa for buying Rs 98.50 and it also picked up two paisa for selling at Rs 98.52.
OPEN MARKET RATES: On June 10, the rupee was unmoved against the dollar for buying and selling at Rs 99.55 and Rs 99.75, they said. The rupee was down in terms of the euro, losing 30 paisa for buying and selling at Rs 131.05 and Rs 131.30, respectively.
On June 11, the rupee shed 10 paisa against the dollar for buying and selling at Rs 99.65 and Rs 99.85 respectively. Following the same trend, the rupee was down in terms of the euro lost 45 paisa for buying and selling.
On June 12, the rupee shed 5 paisa in terms of the dollar for buying and selling at 99.70 and 99.90, while the rupee was unchanged against the euro for buying at Rs 131.90 and Rs 132.15. On June 13, the rupee followed same trend in terms of the greenback as the national currency picked up 15 paisa for buying and selling at 99.55 and 99.75, they said. The rupee lost 35 paisa versus the euro for buying at Rs 132.25 and Rs 132.50.
On June 14, the rupee, however, shed five paisa for buying and selling at 99.60 and 99.80, they said. The rupee rose by five paisa versus the euro for buying at Rs 132.20 and Rs 132.45, they said.
On June 15, the rupee showed no change in relation to the dollar for buying and selling at 99.60 and 99.80, while the rupee shed five paisa versus the euro for buying at Rs 132.25 and Rs 132.50.
OVERSEAS MARKET OUTLOOK FOR DOLLARS: In the first Asian trade, a sharp bounce in the Japanese stock market on Monday helped the dollar move further away from a two-month low against the yen plumbed in the previous session, while the Australian dollar skidded after disappointing data from China, its biggest export market. The greenback rose to 98.26 yen, some 3.5 percent higher than a trough of 94.98 hit on Friday that marked its lowest level since April 4, when the Bank of Japan unleashed an audacious easing programme that accelerated the yen's slide. The dollar was trading against the Indian rupee at Rs 57.77, the US currency was available at 3.1290 in terms of the Malaysian ringgit and the greenback was at 6.1335 versus the Chinese yuan.
In the second Asian trade, the yen was jolted higher on Tuesday as investors unwound their short yen positions after the Bank of Japan offered no further easing steps and made no mention of measures to curb recent market volatility and rising government bond yields. The dollar sank as low as 97.78 yen before paring losses to 98.11 after the BOJ held off from extending the maximum duration of its fixed-rate loans to two years from one year, a measure some had been hoping for. The dollar was trading against the Indian rupee at Rs 58.77, the US currency was available at 3.1540 in terms of the Malaysian ringgit and the greenback was at 6.1335 versus the Chinese yuan.
In the third Asian trade, the dollar clawed back against the yen after suffering its biggest drop in three years the previous day when investors' unwound bearish yen bets as the Bank of Japan held off from introducing fresh steps to curb bond market volatility. The dollar bounced 0.8 percent from late US levels to 96.77 yen after sinking as low as 95.60 in the previous session and closing down 2.7 percent to chalk up its biggest one-day fall since May 2010, according to the EBS platform. The dollar was trading against the Indian rupee at Rs 58.02, the greenback was at 3.1355 versus the Malaysian ringgit and the US currency was at 6.1335 in relation to the yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 77.75-77.76 (77.75-77.76).
Call Money Rates: 05.50-07.00 percent (previous 05.50-07.50 percent).
In the fourth Asian trade, the dollar clawed back against the yen after suffering its biggest drop in three years the previous day when investors unwound bearish yen bets as the Bank of Japan held off from introducing fresh steps to curb bond market volatility. The dollar bounced 0.8 percent from late US levels to 96.77 yen after sinking as low as 95.60 in the previous session and closing down 2.7 percent to chalk up its biggest one-day fall since May 2010, according to the EBS platform. The dollar was trading against the Indian rupee at Rs 58.39, the greenback was at 3.1370 in terms of the Malaysian ringgit and the US currency was at 6.1335 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 77.75-77.76 (77.75-77.76). Call Money Rates: 05.50-07.00 percent (previous 05.50-07.50 percent).
In the final Asian trade, the dollar clawed back against the yen after suffering its biggest drop in three years the previous day when investors unwound bearish yen bets as the Bank of Japan held off from introducing fresh steps to curb bond market volatility. The dollar bounced 0.8 percent from late US levels to 96.77 yen after sinking as low as 95.60 in the previous session and closing down 2.7 percent to chalk up its biggest one-day fall since May 2010, according to the EBS platform. The dollar was trading against the Indian rupee at Rs 58.02, the greenback was at 3.1355 in terms of the Malaysian ringgit and the US currency was at 6.1335 versus the Chinese yuan.
At the week-end, the yen rose for a fourth session against the dollar, hitting its strongest level since the Bank of Japan embarked on aggressive economic stimulus in early April, as volatile markets triggered an unwinding of bets that the currency would weaken.
The yen's gains accelerated in late morning New York trading as Japanese equities futures, which dollar/yen have been closely correlated with in recent weeks, traded more than 1 percent lower.