Saturday, November 30th, 2024
Home »Top Stories » THE RUPEE: easier trend

The rupee drifted lower in relation to the dollar during the week, ended on June 26. In the interbank market, the rupee lost eight paisas in terms of the dollar for buying and selling at Rs 104.83 and Rs 104.84.

In the open market, the rupee shed 10 paisas in terms of the dollar for buying and selling at Rs 105.00 and Rs 105.20.

The rupee picked up nearly Rs 3.00 against the euro for buying and selling at Rs 115.70 and Rs 117.00.

The rupee managed to halt sharp decline versus the dollar during the week, money experts said. The dollar was in demand, causing erosion in the value of the rupee but with slow pace, they added.

Commenting on the historical event in the international market, some experts said that impact of British Referendum or Brexit vote on the local currency business will appear after some time but it is before time to say something about the outcome in the short run.

According to reports, pound sterling lost about 10 percent just after the results of the British referendum as it fell to Rs 140 from Rs 156 versus the dollar before the decision.

Reports showed that global currency players were assuring people that Britain's departure from the European Union would strengthen the pound sterling as the country had enough potential to float freely.

During the month of Ramazan, flows of dollars improved as overseas Pakistanis send dollars to their relatives to celebrate Eid-ul-Azha, they said.

INTERBANK MARKET RATES: On Monday, the rupee shed one paisa versus the dollar for buying and selling at Rs 104.75 and Rs 104.77. On Tuesday, the rupee rose by four paisa versus the dollar for buying and selling at Rs 104.72 and Rs 104.73. On Wednesday, the rupee shed one paisa versus the dollar for buying and selling at Rs 104.73 and Rs 104.75. On Thursday, the rupee was down by four paisas versus the dollar for buying and selling at Rs 104.73 and Rs 104.78. On Friday, the rupee extended overnight decline in terms of the dollar, losing six paisas more for buying and selling at Rs 104.83 and Rs 104.84.

OPEN MARKET RATES: On June 20, the rupee depreciated by 10 paisas versus the dollar for buying and selling at Rs 104.90 and Rs 105.10. The rupee dropped by 40 paisas against the euro for buying and selling at Rs 118.40 and Rs 119.40.

On June 21, the rupee did not move any side versus the dollar for buying and selling at Rs 104.90 and Rs 105.10. The rupee extended overnight fall, losing 20 paisas against the euro for buying and selling at Rs 118.60 and Rs 119.60.

On June 22, the rupee also lost 20 paisas versus the dollar for buying and selling at Rs 105.10 and Rs 105.30. The rupee, however, gained 35 paisas against the euro for buying and selling at Rs 118.25 and Rs 119.25.

On June 23, the rupee stayed put in terms of the dollar for buying and selling at Rs 105.10 and Rs 105.30. The rupee, however, lost 85 paisas against the euro for buying and selling at Rs 118.10 and Rs 120.10.

On June 24, the rupee did not move any side in terms of the dollar for buying and selling at Rs 105.10 and Rs 105.30, they said. The rupee, however, gained Rs 2.00 against the euro for buying and selling at Rs 116.50 and Rs 118.00.

On June 25, the rupee gained 10 paisas in terms of the dollar for buying and selling at Rs 105.00 and Rs 105.20, they said. The rupee picked up 80 paisas further against the euro for buying and selling at Rs 115.70 and Rs 117.00.

OVERSAEAS OUTLOOK FOR DOLLAR: In the first Asian trade, sterling rallied as opinion polls swung in favour of British voters opting to remain in the European Union at this week's referendum, underpinning risk sentiment and sending the perceived safe-haven yen tumbling.

The dollar was trading against the Indian rupee at Rs 67.36, the US currency was trading versus the Malaysian ringgit at 4.0715 and the greenback was at 6.5784 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 78.400-78.40 (previous 78.40-78.40.

In the second Asian trade, the British pound eased against the dollar, a day after posting its biggest daily gain in 7 years on the back of opinion polls that swung in favour of the campaign for Britain to stay in the European Union.

The dollar was available against the Indian rupee at Rs 67.42, the greenback was at 4.0510 in terms of the Malaysian ringgit and the US currency was at 6.5754 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Tuesday: 78.40-78.40 (previous 78.40-78.40).

In the third Asian trade, the dollar clung onto modest gains early on Wednesday after Federal Reserve Chair Janet Yellen held the line of "gradual increases" in US rates, while sterling's short-covering rally lost momentum a day ahead of Britain's EU referendum.

The dollar was trading against the Indian rupee at Rs 67.60, the greenback was at 4.0340 versus the Malaysian ringgit and the US currency was available at 6.5858 in terms of the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Wednesday: 78.40-78.40 (previous 78.40-78.40).

In the fourth Asian trade, the pound advanced to a six-month high against the dollar after the latest polls favoured Britain remaining in the European Union, just hours before referendum voting was due to open. Polls by ComRes, conducted for the Daily Mail newspaper and ITV television, and by YouGov for The Times newspaper in London, showed a last-minute rise in support for Britain to remain in the EU.

Reduced Brexit fears have helped sterling gain roughly three percent so far this week, although several poll results have been too close to call a definitive outcome. The pound was up 0.6 percent at $1.4793 after touching $1.4847, its highest since the beginning of the year.

The dollar was trading against the Indian rupee at Rs 67.36, the US currency was at 4.0170 in terms of the Malaysian ringgit and the greenback was at 6.5760 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Thursday: 78.40-78.40 (previous 78.40-78.40).

In the final Asian trade, Sterling reversed early gains while the safe-haven yen staged a rebound in Asia on Friday as confidence that Britain will remain in the European Union was badly shaken after the city of Sunderland voted more strongly than expected to leave.

In a dramatic turnaround, the pound slid to $1.4550, having earlier rallied to a 2016 peak of $1.5033.

The Sunderland result has definitely altered the tone of the evening and markets are getting very choppy. The dollar was at 104.70 yen, down from 106.875.

The euro fell to 118.87 yen from 122.000. "It's very jittery and I suppose that's very much going to be the order of the day until we see final results being announced," said Robert Rennie, senior currency strategist at Westpac in Sydney. Market confidence took another blow after a bigger-than-expected vote by Sunderland to leave the EU.

The dollar was trading against the Indian rupee at Rs 67.25, the US currency was trading against the Malaysian ringgit at 4.0360 and the greenback was at 6.5795 versus the Chinese yuan.

At the week-end, sterling edged off lows against the US dollar, recovering slightly from a 10 percent plunge to its weakest in 31 years following Britain's vote to leave the European Union, on reassuring statements from central banks.

Sterling was last down 8.1 percent against the dollar, at $1.3662, after touching its weakest since before the 1985 Plaza Accord of $1.3228. Traders said Bank of England chief Mark Carney's comments that the central bank stood ready to provide extra support helped sterling recover.

Despite the smaller losses, the currency was on track to post a 4.9 percent decline for the week against the dollar, which would mark its biggest weekly loss since January 2009. Sterling had touched $1.5018, its highest since mid-December, in Asian trading ahead of the result after polling firm YouGov said the campaign to keep Britain in the EU appeared to be ahead.

Copyright Business Recorder, 2016


the author

Top
Close
Close