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The rupee could not sustain firmness versus the dollar on the money market during the week, ended on April 08, 2017. In the inter-bank market, the rupee traded in relation to the dollar for buying and selling at Rs 104.84 and Rs 104.86. In the open market, the rupee shed 10 paisas in terms of the dollar for buying and selling at Rs 106.15 and Rs 106.35.

The national currency, however, recovered Re one paisas versus the euro for buying and selling at Rs 112.00 and Rs 113.50.

There was no shortage of dollars but demand pushed the rates down slightly, experts said. Commenting on the Panamagate case verdict, Chairman of the Forex Association of Pakistan (FAP), Malik Bostan said that it is not difficult to say about the future direction of market as dollars supply is good so it looks that the local currency may not react sharply against the dollar in the coming days.

INTER-BANK MARKET RATES: The whole week, rupee traded in relation to the dollar for buying and selling at Rs 104.86 and Rs 104.88. OPEN MARKET RATES: On April 3, the rupee rose by five paisas in terms of the dollar for buying and selling at Rs 106.05 and Rs 106.25. On April 4, the rupee was unchanged in terms of the dollar for buying and selling at Rs 106.10 and Rs 106.30. It extended overnight fall, losing 40 paisas in terms of the euro for buying and selling at Rs 113.000 and Rs 114.50.

On April 5, the rupee was unchanged against the dollar for buying and selling at Rs 106.10 and Rs 106.30. It, however, slipped by 10 paisas in terms of the euro for buying and selling at Rs 112.60 and Rs 114.10.

On April 6, the rupee reversed back it's appreciation versus the dollar, sliding by five paisas in terms of the dollar for buying and selling at Rs 106.10 and Rs 106.30. The domestic currency recovered 20 paisas versus the euro for buying and selling at Rs 112.80 and Rs 114.30.

On April 7, the rupee shed five paisas in terms of the dollar for buying and selling at Rs 106.15 and Rs 106.35. The national currency recovered more 30 paisas versus the euro for buying and selling at Rs 112.50 and Rs 11.50.

On April 8, the rupee was unchanged in terms of the dollar for buying and selling at Rs 106.15 and Rs 106.35. The national currency, however, recovered 50 paisas versus the euro for buying and selling at Rs 112.00 and Rs 113.50.

OVVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar wobbled as some lacklustre US data and comments from Federal Reserve officials gave investors few catalysts to build on their US currency exposure.

The dollar was trading against the Indian rupee at Rs 64.78, the greenback was at 4.4240 versus the Malaysian ringgit and the US currency was at 6.8835 in relation to the Chinese yuan.

In the second Asian trade, the safe-haven Japanese yen gained broadly as a risk-averse mood spread through the broader markets, while the Australian dollar retreated to a three-week low after the country's central bank raised concerns about domestic labour conditions.

The dollar extended overnight losses and was down 0.4 percent at 110.440 yen after hitting 110.370, its lowest in a week. The euro lost 0.5 percent and the Australian dollar fell 0.7 percent against the yen.

The dollar was trading against the Indian rupee at Rs 65.02, the greenback was at 4.4300 versus the Malaysian ringgit and the US currency was at 6.8835 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 79.70-79.70 (previous 79.70-79.70).

In the third Asian trade, the dollar lost its grip on earlier gains against the yen, remaining under pressure after North Korea fired a ballistic missile into the sea ahead of a summit between US and Chinese leaders.

Pyongyang's test-fire came just a day before US President Donald Trump and his Chinese counterpart Xi Jinping meet for talks on economic and security issues, and will include persuading North Korea to curb its arms development.

The dollar was trading against the Indian rupee at Rs 65.13, the greenback was at 4.4285 in terms of the Malaysian ringgit and the US currency was at 6.8866 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Wednesday: 79.70-79.70 (previous 79.70-79.70.

In the fourth Asian trade, the dollar slipped against a basket of currencies, weighed down by caution over the impending US-China summit and geopolitical concerns.

The dollar was trading against the Indian rupee at Rs 65.00, the greenback was at 4.4340 in terms of the Malaysian ringgit and the US currency was at 6.8982 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 79.71-79.72 (previous 79.70-79.70).

In the final Asian trade, the dollar skidded against the perceived safe-haven Japanese yen after the United States launched cruise missiles at an airbase in Syria in response to Syrian forces' alleged use of chemical weapons on Thursday. An US official said the strike has already been completed.

Against the yen, which tends to gain in times of geopolitical tension or risk aversion, the dollar erased its early modest gains and dropped 0.3 percent to 110.40 yen, down 0.9 percent for the week.

The dollar was trading against the Indian rupee at Rs 64.41, the greenback was at 4.4350 in terms of the Malaysian ringgit and the US currency was at 6.8996 versus the Chinese yuan.

Copyright Business Recorder, 2017


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