INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee was almost unchanged in relation to the dollar for buying at Rs 127.30 and it also lost 60 paisas for selling at Rs 127.80. The national currency gained by 75 paisas in terms of the euro for buying and selling at Rs 146.25 and Rs 148.25.
Marketmen said that the rupee drifted lower versus the dollar due to sustained demand from investors. Some corrective measures taken to keep a balance between demand and supply of the dollar, they said. In the middle of the week, the supply of dollars improved, which eased buying pressure, the said.
President of the Forex Association of Pakistan (FAP), Malik Bostan said that supply of dollar tight and this factor is causing increase in demand. Some experts were of the opinion that the people got panic due to weak economic fundamentals, so they prefer to keep dollars as a safe-haven, this factor is pushing the rates up. A comprehensive strategy must be prepared to improve the supply of the greenback, they said.
INTER-BANK MARKET RATES: On Monday, the rupee moved in a tight range against the dollar for buying and selling at Rs 124.25 and Rs 124.26. On Tuesday, the rupee did not move any side against the dollar for buying and selling at Rs 124.25 and Rs 124.26. On Wednesday, the rupee stayed put versus the dollar for buying and selling at Rs 124.25 and Rs 124.26. On Thursday, the rupee did not show any change versus the dollar for buying and selling at Rs 124.25 and Rs 124.26 respectively, they added. On Friday, the rupee stayed put versus the dollar for buying and selling at Rs 124.25 and Rs 124.26.
OPEN MARKET RATES: On Oct 1st, the rupee lost Re one in terms of the dollar for buying and selling at Rs 127.30 and Rs 127.80. The national currency also lost 50 paisas in relation to the euro for buying at Rs 147.00 while it did not show any change for selling at Rs 148.50. On Oct 2nd, the rupee stayed firm in terms of the dollar for buying and selling at Rs 127.30 and Rs 127.80. The national currency recovered overnight losses in relation to the euro for buying and selling at Rs 146.50 and Rs 148.50. On Oct 3rd, the rupee recovered 50 paisas in terms of the dollar for buying at Rs 126.80 and the national currency picked up 60 paisas for selling Rs 127.20. The national currency managed to recover 75 paisas in relation to the euro for buying and selling at Rs 145.75 and Rs 147.75. On 4th Oct,
On Oct 4th, in line with the open market, the rupee did not move in relation to the dollar for buying and selling at Rs 126.80 and Rs 127.20. The national currency shed 10 paisas in terms of the euro for buying and selling at Rs 145.40 and Rs 147.40.
On Oct 5th, the rupee managed to hold overnight levels in relation to the dollar for buying and selling at Rs 126.80 and Rs 127.20 respectively, they said. The national currency extended overnight gains in relation to the euro, picking up 45 paisas for buying and selling at Rs 145.30 and Rs 147.30.
On Oct 6, the rupee shed 50 paisas in relation to the dollar for buying at Rs 127.30 and it also lost 60 paisas for selling at Rs 127.80. The national currency dropped by 85 paisas in terms of the euro for buying and selling at Rs 146.25 and Rs 148.25.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar slipped against the Canadian dollar on Monday as the United States and Canada reached a framework deal to update the North American Free Trade Agreement.
Sources with direct knowledge of the talks confirmed the two countries reached a deal, which involved offering more dairy access to US farmers as well as Canada agreeing to a side-letter arrangement effectively capping automobile exports to the United States. A Mexican source close to the NAFTA talks separately said: "we have a trilateral deal."
The Canadian dollar rose about 0.7 percent, reaching a four-month high of C$1.2814 as the news about the framework agreement broke, before giving up some gains. It last traded at C$1.2836. The loonie added to the previous session's gains of more than one percent. The dollar was trading against the Indian rupee at Rs 72.815 and the greenback was at 4.141 in terms of the Malaysian ringgit.
In the second Asian trade, the yen traded near its lowest in more than 10 months against the dollar on Tuesday, weighed down by increased risk appetite after the United States and Canada reached a last-minute deal on Sunday to replace the North American Free Trade Agreement.
The dollar consolidated recent gains, hovering near a three-week high, boosted by higher US Treasury yields and as the euro dipped on prolonged worries about Italy's budget deficit. The yen was broadly flat at 113.99 yen per dollar. It fell as low as 114.06 in the previous session, its weakest since November last year. The dollar was available at 4.140 versus the Malaysian ringgit.
In the third Asian trade, the euro pulled ahead from a six-week low on Wednesday after a report that Italy plans to reduce its budget deficit in the coming years provided some relief to the battered currency.
The euro was up 0.35 percent at $1.1585 following its descent to $1.1505 overnight, its lowest since Aug. 21. The single currency got some support after Italian newspaper Corriere della sera reported that Rome aims to gradually reduce its budget deficit to 2 percent of gross domestic product (GDP) in 2021.
The Italian government, in a tripling of its predecessor's target, had last week set out a deficit goal of 2.4 percent of GDP for the next three years, unnerving markets and prompting criticism from European Commission officials. The dollar index against a basket of six major currencies was 0.25 percent lower at 95.288 after scaling 95.744 overnight, its highest since Sept. 4.
The dollar was available against the Indian rupee at Rs 73.360 and greenback was at 4.137 versus the Malaysian ringgit. In the fourth Asian trade, the dollar hit an 11-month high against the yen and stood tall against other its peers on Thursday, boosted by a spike in Treasury yields following upbeat US data and comments from Federal Reserve Chairman Jerome Powell that were seen as hawkish.
The dollar stretched an overnight rally to touch 114.55 yen, its highest since early November 2017. It last stood at 114.345. A rise above 114.735 yen would take the US currency to its highest level since mid-March 2017.
Adding to the bullish mood, Powell said on Wednesday that the central bank may raise interest rates above an estimated "neutral" setting as the "remarkably positive" US economy continues to grow. The dollar also was boosted after the Institute for Supply Management's (ISM) non-manufacturing activity index jumped 3.1 points to 61.6 last month, the highest reading since August 1997.
The dollar index against a basket of six major currencies was up 0.35 percent at 96.086 and was close to a six-week peak of 96.116 scaled overnight. The dollar was trading against the Indian rupee at Rs 73.720 and the greenback was available at 4.147 in terms of the Malaysian ringgit. In the final Asian trade, the dollar's rally took a pause on Friday as investors awaited monthly US jobs data later in the day and evaluated the impact of a two-day global government bond rout that has lifted US Treasury yields to seven-year highs.
The yield on the benchmark 10-year US Treasury note hit its highest levels since May 2011 after private payrolls data came in stronger than forecast. The private payroll numbers were seen as boosting the odds that US jobs data for September would also be stronger than expected, likely indicating the tightening cycle by the Federal Reserve will continue.
The dollar was trading against the Indian rupee at Rs 73.575 and the greenback was available 4.145 versus the Malaysian ringgit. In the final US trade, the US dollar weakened on Friday after data for September showed jobs gains that fell short of expectations while wages increases slowed on an annualized basis during the month, easing concerns about a large run-up in inflation.
Non-farm payrolls increased by 134,000 jobs last month, the fewest in a year, though data for July and August was revised to show 87,000 more jobs added than previously reported. Average hourly earnings increased eight cents, or 0.3 percent, in September after rising 0.3 percent in the prior month. With September's increase below the 0.5 percent gain notched during the same period last year that lowered the annual increase in wages to 2.8 percent from 2.9 percent in August, which was the biggest rise in more than nine years.