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An easier trend was witnessed on the money market as the rupee drifted lower against the dollar during the week, ended on December 24, 2016.

OPEN MARKET RATES: The rupee lost 40 paisas in terms of the dollar for buying and selling at Rs 108.20 and Rs 108.50. Similarly, the rupee also did not budge any side in terms of the euro for buying and selling at Rs 112.60 and Rs 114.10.

INTER-BANK MARKET RATES: The rupee almost managed to hold week-long levers against the dollar for buying and selling at Rs 104.85 and Rs 104.86.

Currency viewers observed, the rupee strive hard to stand with it's counterpart during the week amid strong demand for the greenback.

In fact, the dollar was in demand, so that the rupee shed it's gain, the number of buyers increasing with the passage of time.

Investors were pouring their money on bullion, property businesses, they said.

In the meantime, country's foreign exchange reserves stood at 23.1 billion dollars, they said.

OPEN MARKET RATES: On Monday, the rupee continued slides versus the greenback, falling 10 paisas for buying and selling at Rs 107.80 and Rs 108.10. The rupee, however, picked up 30 paisas in relation to the euro for buying and selling at Rs 112.20 and Rs 113.20.

On Tuesday, the rupee depreciated by 20 paisas versus the greenback for buying at Rs 108.00 and it also shed 10 paisas for selling at Rs 108.20.

The rupee, however, gained 20 paisas in relation to the euro for buying and selling at Rs 112.00 and Rs 113.00. On Wednesday, the rupee managed to retain last levels versus the greenback for buying and selling at Rs 108.00 and Rs 108.20. The rupee also sustained it's level in relation to the euro for buying at Rs 112.00, it, however, shed 50 paisas for selling at Rs 113.50. On Thursday, the rupee lost 30 paisas versus the greenback for buying at Rs 108.30 and it also shed 40 paisas for selling at Rs 108.60. The rupee also dropped 75 paisas in relation to the euro for buying and selling at Rs 112.75 and Rs 114.25.

On he rupee gained 10 paisas versus the greenback for buying and selling at Rs 108.20 and Rs 108.50. The rupee also picked up 15 paisas in relation to the euro for buying and selling at Rs 112.60 and Rs 114.10.

On he rupee stayed put against the greenback for buying and selling at Rs 108.20 and Rs 108.50. Similarly, the rupee also did not budge any side in terms of the euro for buying and selling at Rs 112.60 and Rs 114.10.

INTER-BANK MARKET: On December 19, the rupee quoted in terms of dollar for buying and selling at Rs 104.84 and Rs 104.85. On December 2nd, the rupee managed to hold almost week-long levels in terms of the dollar for buying and selling at Rs 104.84 and Rs 104.85. On December 21, the rupee was almost unchanged in terms of the dollar for buying and selling at Rs 104.84 and Rs 104.85.

On December 22, the rupee held the overnight levels in terms of the dollar for buying and selling at Rs 104.84 and Rs 104.85. On December 23, the rupee, however, inched down by one paisa in terms of the dollar for buying and selling at Rs 104.85 and Rs 104.86.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar edged lower as some investors took profits after its rise last week to a 14-year peak against a currency basket, though it remained underpinned by expectations of more US interest hikes in the coming year.

The euro was last up slightly at $1.0457, holding above a nearly 14-year low of $1.0364 notched last week.

The dollar was trading against the Indian rupee at Rs 67.78, the greenback was at 4.4770 versus the Malaysian ringgit and the US currency was 6.9443 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 78.85-78.85 (previous 78.85-78.85).

In the second Asian trade, the yen dipped only briefly after the Bank of Japan stood pat as widely expected on Tuesday, keeping much of its gains after separate deadly incidents in Turkey and Germany raised security worries in the West.

The dollar was trading against the Indian rupee at Rs 67.89, the greenback was at 4.4780 versus the Malaysian ringgit and the US currency was available at 6.9510 in terms of the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Tuesday: 78.85-78.85 (previous 78.85-78.85).

In the third Asian trade, the dollar hovered near a 14-year high against the euro, supported by expectations of US interest rates rising more rapidly during the incoming Trump Administration.

Inter bank buy/sell rates for the taka against the dollar on Wednesday: 78.80-78.85 (previous 78.85-78.85).

In the fourth Asian trade, the dollar lost some steam on Thursday, slipping from its 14-year-high against a basket of currencies as investors took profits before a batch of US economic data due later in the day is published.

The dollar was trading against the Indian rupee at Rs 67.87, the US currency was at 4.4730 versus the Malaysian ringgit and the Greenback was available at 6.9470 in terms of the Chinese yuan.

In the final Asian trade, It was hard to find a pulse in the currency market as dealers bedded down for the Christmas holidays, though the mood remains bullish for more dollar gains in the New Year as yield spreads widen in its favour.

The dollar was trading against the Indian rupee at Rs 67.87, the US currency was available at 4.4770 versus the Malaysian ringgit and the greenback was at 6.9499 in terms of the Chinese yuan.

At the week-end, the dollar held steady, lingering about half a percent below a 14-year peak set earlier this week, as traders moved to the sidelines ahead of the Christmas holiday weekend.

The greenback will likely test fresh multi-year heights when investors return from their year-end holiday break. The dollar has rallied more than 5 percent against a basket of currencies since Donald Trump's surprise US presidential election win on November 8.

Copyright Business Recorder, 2016


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