OPEN MARKET RATES: INTERBANK MARKET RATES: The rupee showed no change in terms of the dollar for buying and selling at Rs 105.50 and Rs 105.51. Market sources said that demand was matching with the demand, this was the solid factor which helped the rupee to retain it's level versus the dollar. If political and economic sectors' performance improved, the rupee may gain strength against the dollar in the coming days.
OPEN MARKET RATES: On Monday, the rupee shed 10 paisas in terms of the dollar for buying and selling at Rs 107.40 and Rs 107.60. The rupee also fell in terms of the euro, losing 20 paisas for buying at Rs 127.70 and the national currency slid by Rs 1.60 for selling Rs 128.95.
On Tuesday, the rupee sustained its levels in terms of the dollar for buying and selling at Rs 107.40 and Rs 107.60. The rupee, however, gained 45 paisas versus the euro for buying and selling at Rs 127.30 and Rs 128.55.
On Wednesday, the national currency firmed in relation to the dollar for buying and selling at Rs 107.40 and Rs 107.60. The rupee extended overnight gains versus the euro, picking up 80 paisas for buying and selling at Rs 126.50 and Rs 127.75.
On Thursday, the rupee did not budge any side against the dollar for buying and selling at Rs 107.40 and Rs 107.60. The rupee also maintained overnight levels versus the euro for buying and selling at Rs 126.50 and Rs 127.75. On Saturday, the rupee picked up 10 paisas against the dollar for buying and selling at Rs 107.30 and Rs 107.50. The rupee, however, lost 25 paisas versus the euro for buying and selling at Rs 126.75 and Rs 128.00.
INTERBANK MARKET RATES: On Oct 27, the rupee held the present levels versus the dollar for buying and selling at Rs 105.50 and Rs 105.51. On Oct 28, the rupee inched up by one paisa in relation to the dollar for buying and selling at Rs 105.49 and Rs 105.50.
On Oct 29, the rupee rose by two paisas against the dollar for buying and selling at Rs 105.47 and Rs 105.47. The rupee shed three paisas against the dollar for buying and selling at Rs 105.50 and Rs 105.51.
OVERSEAS MARKET OUTLOOK: In the first Asian trade, the euro hit a two-month high versus the dollar and held firm against other major currencies, thanks to strong German business confidence and reduced anxiety about political instability in Europe's biggest economy.
The euro fetched $1.1929, little changed from late US levels last week after having hit a high of $1.1946, its highest level in two months. The common currency now faces a test at $1.1965. The euro rose to 133.24 yen, its highest since Nov 16 and it firmed on the British pound to 0.8978 pound, edging to near this month's peak of 0.9014.
The dollar was trading against the Indian rupee at Rs 64.73, the greenback was available at 4.113 versus the Malaysian ringgit and the US currency was at 6.600 in terms of the Malaysian ringgit. Inter bank buy/sell rates for the taka against the dollar on Monday: 81.90-81.90 (previous 81.70-81.70).
In the second Asian trade, the dollar held steady versus the yen on Tuesday and held above a two-month low, with the near-term focus on a possible Senate vote on a US tax plan later in the week. Moves among major currencies were subdued, with market participants also waiting for a confirmation hearing on Tuesday for Federal Reserve chair nominee Jerome Powell, hoping for further clues on the outlook for the Fed's monetary policy.
In remarks prepared for the hearing released by the Fed on Monday, Powell defended the US central bank's use of broad crisis-fighting powers. The dollar was available against the Indian rupee at 64.38, the greenback was at 4.116 in terms of the Malaysian ringgit and the US currency was trading versus the Chinese yuan at 6.605. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 82.00-82.20 (previous 81.90-81.90).
In the third Asian trade, the dollar steadied against the yen on Wednesday, supported by strong US economic data while North Korea's latest missile launch had little immediate impact on currency markets though investors are focused on how the US responds to the test.
US Senate Republicans pushed forward President Donald Trump's tax cut bill on Tuesday to pave the way for a full vote by the Senate as soon as Thursday, although some details of the bill were still to be settled. The dollar was trading against the Indian rupee at Rs 64.41, the greenback was at 4.105 in terms of the Malaysian ringgit and the US currency was at 6.600 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday: 82.30-82.30 (Previous 82.00-82.20). In the fourth Asian trade, the dollar held steady on Thursday but was set for a monthly loss against a basket of currencies as investors warily watch progress on US tax reform legislation, while sterling stood tall on optimism a Brexit accord would be reached.
The dollar index, which gauges the greenback against a basket of six major rivals, was steady on the day at 93.151 but was down 1.5 percent for November. The pound gained 0.5 percent to $1.3471 after rising as high as $1.3480, its highest since Sept. 26. It was up 1.4 percent for the month.
The dollar was trading against the Indian rupee at Rs 64.43, the greenback was available at 4.085 in terms of the Malaysian ringgit and the US currency was at 6.606 in relation to the Chinese yuan. In the New York final trade, the greenback slipped against a basket of currencies on Friday after ABC News reported that Michael Flynn, a former adviser to US President Donald Trump, said he was prepared to testify that Trump directed him to make contact with the Russians when he was a presidential candidate.
The dollar index, which measures the greenback against six rival currencies, was up 0.15 percent at 92.903. Growing optimism that US Senate Republicans would be able to pass a tax overhaul bill had sent the index as high as 93.248, but the index reversed course sharply on the Flynn headlines. Reuters could not immediately verify the ABC News report.
Copyright Business Recorder, 2017