Wednesday, December 4th, 2024
Home »Top Stories » THE RUPEE: slight recovery

The rupee managed to recover modestly against the dollar on the money market during the week, ended on April 4, 2015. In the interbank Market, the rupee inched up by five paisas versus the dollar for buying and selling at Rs 101.85 and Rs 101.88. In the open market, the rupee gained 10 paisas against the dollar for buying and selling at Rs 102.20 and Rs 102.40. Market sources said that during the week, the rupee did not fluctuate sharply due to easy supply of dollars and it is most likely that the rupee may hold the present levels in times to come.

Country's foreign exchange reserves stood at Rs 16.2 billion dollars, currency experts said.

INTERBANK MARKET RATES: On Monday, the rupee shed two paisas against the dollar for buying and selling at Rs 101.90 and Rs 101.92, they said. On Tuesday, the rupee shed three-paisa versus the dollar for buying and selling at Rs 101.93 and Rs 101.94 respectively. On Wednesday, the rupee managed to recover 11 paisas against the dollar for buying at Rs 101.85 and it also rose by seven paisas for selling at Rs 101.88, respectively, they said.

On Thursday, the rupee managed to recover 11 paisas against the dollar for buying at Rs 101.85 and it also rose by seven paisas for selling at Rs 101.88.

On Friday, the rupee managed to hold the overnight levels against the dollar for buying and selling at Rs 101.85 and Rs 101.88.

OPEN MARKET RATES: On March 30, the rupee also dropped by 20 paisas against the dollar for buying and selling at Rs 102.20 and Rs 102.40, they said. The rupee, however, gained 35 paisas against the euro for buying and selling at Rs 110.40 and Rs 110.65, they said.

On March 31, The rupee was down by 10-paisas in relation to the dollar for buying and selling at Rs 102.30 and Rs 102.50 respectively, but it gained Rs 1.10 in terms of the euro for buying and selling at Rs 109.50 and Rs 109.75 respectively, they said. On April 1st, the rupee held the overnight levels in terms of dollar for buying and selling at Rs 102.30 and Rs 102.50, while the national currency recovered 60 paisas versus the euro for buying and selling at Rs 110.20 and Rs 110.45, respectively, they said.

On April 2nd, the rupee held the overnight levels in terms of dollar for buying and selling at Rs 102.30 and Rs 102.50, while the national currency recovered 60 paisas versus the euro for buying and selling at Rs 110.20 and Rs 110.45.

On April 3rd, the rupee moved up against the dollar, picking up 10 paisas for buying and selling at Rs 102.20 and Rs 102.40 while the national currency shed 40 paisas versus the euro for buying and selling at Rs 111.40 and Rs 111.65, respectively, they said.

On April 4, the rupee held the week-long levels in terms of dollar for buying and selling at Rs 102.30 and Rs 102.50, while the national currency shed 80 paisas versus the euro for buying and selling at Rs 111.00 and Rs 111.25.

OVERSEAS MARKET OUTLOOK: In the first Asian trade, the dollar started trade pretty much where it closed in New York after the head of the US central bank assured investors that the path back to 'normal' interest rates will only occur at a gradual pace.

The dollar fetched 119.24 yen versus 119.11 late in New York on Friday. It has fallen more than 2 percent from a near eight-year peak of 122.04 set early this month.

The euro was also little changed at $1.0889, having in the last two weeks pulled up from a 12-year trough of $1.0457.

The dollar was available against the Indian rupee at Rs 62.60, the greenback was at 3.7125 in terms of the Malaysian ringgit and the US currency was at 6.2128 in relation to the Chinese yuan.

Interbank buy/sell rates for the taka against the dollar on Monday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 07.50-8.00 percent (Previous 07.50-08.00 percent).

In the second Asian, the dollar rose against a basket of currencies on Tuesday and was on track for its best quarter since 2008, bolstered by the diverging outlook for monetary policy in the United States compared to other major economies.

The greenback remains below peaks hit earlier in March, having given back some ground over the past couple of weeks after the US Federal Reserve signalled a more cautious outlook for U.S. economic growth.

The dollar was available against the Indian rupee at Rs 62.61, the greenback was at 3.7115 in terms of the Malaysian ringgit and the US currency was at 6.2018 in relation to the Chinese yuan.

In the third Asian trade, the dollar slipped versus the yen at the start of a new quarter on Wednesday, as a soft reading on Japanese business sentiment dented Tokyo shares and helped bolster the safe haven yen.

The Australian dollar gained a lift from a better-than expected reading of Chinese factory activity and that added to the broadly weak tone of the greenback, traders said.

"Dollar/yen has led this move today and I think it's basically trading off the back end of the Nikkei," said Stephen Innes, senior trader for FX broker Oanda in Singapore.

The dollar was trading against the Indian rupee at Rs 62.50, the greenback was at 3.6810 in terms of the Malaysian ringgit and the US currency was at 6.1959 versus 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: 07.50-8.00 percent (Previous 07.50-08.00 percent

In the forth Asian trade, the dollar nursed modest losses on Thursday, having suffered a setback on fresh signs that the US economy slowed significantly in the first quarter which could delay the Federal Reserve's decision to begin hiking interest rates.

The dollar fell as far as 119.42 yen overnight, from levels above 120.00. It last fetched 119.57, down 0.2 percent on the day.

The dollar was trading against the Indian rupee at Rs 62.50, the greenback was at 3.6780 in terms of the Malaysian ringgit and the US currency was at 6.1975 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Thursday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 07.50-8.00 percent (Previous 07.50-08.00 percent).

In the Asia, almost all markets were closed on account of Good Friday and Easter holidays.

At the week-end, the dollar tumbled on Friday after a significantly weaker-than-expected US jobs report that will increase speculation over whether the US Federal Reserve will hold off on tightening monetary policy for longer than expected.

The euro immediately spiked to a 1 percent gain following the report, touching a one week high of $1.10050 on the EBS trading platform. Trading volumes are very thin owing to the Easter holiday that has much of Europe closed and skeletal staffing at US banks.

Copyright Business Recorder, 2015


the author

Top
Close
Close