INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee dropped Re one versus the dollar for buying and selling at Rs 142.00 and Rs 142.50. The rupee was trading against the euro at Rs 158.80 and Rs 160.60.
The rupee traded within a narrow band in the beginning sessions of the week, they said. Commenting on the slide in the rates, marketmen said the rupee is likely to hit new low under the International Monetary Fund (IMF) programme.
INTER-BANK MARKET RATES: On May 6, the rupee inched up by four paisas in terms of the dollar for buying and selling at Rs 141.26 and Rs 141.28. On May 7, the rupee-dollar parity rates were not issued due to bank closure on account of Zakat deduction.
On May 8, the rupee gained four paisas in terms of the dollar for buying and selling at Rs 141.20 and Rs 141.22. On May 9, the rupee did not move any side in relation to the dollar for buying and selling at Rs 141.39 and Rs 141.40. On May, 9 the rupee did show any change versus the dollar for buying and selling at Rs 141.39 and Rs 141.40.
OPEN MARKET RATES: On Monday, the rupee gained 30 paisas in relation to the dollar for buying and selling at Rs 141.00 and Rs 141.50, they said. The rupee rose about Re one versus the euro for buying and selling at Rs 156.50 and Rs 158.30, they said.
On Tuesday, the rupee lost 20 paisas in relation to the dollar for buying and selling at Rs 141.20 and Rs 141.70, they said. The rupee shed 50 paisas versus the euro for buying and selling at Rs 157.00 and Rs 158.80, they said.
On Wednesday, the rupee did not move any side in relation to the dollar for buying and selling at Rs 141.20 and Rs 141.70, they said. The rupee shed 50 paisas versus the euro for buying and selling at Rs 157.50 and Rs 159.00. On Thursday, the rupee followed the suit, dropping 10 paisas in relation to the dollar for buying and selling at Rs 141.30 and Rs 141.80, they said. The rupee was unmoved versus the euro for buying and selling at Rs 157.50 and Rs 159.30.
On Friday, the rupee dropped sharply versus the dollar for buying and selling at Rs 142.00 and Rs 142.50 respectively, they said. The rupee was trading against the euro at Rs 158.80 and Rs 160.60 respectively, they said.
OVERSEAS OUTLOOK: In the first Asian trade, the safe-haven yen climbed and the yuan slid on Monday after US President Donald Trump threatened to increase tariffs on China, sending riskier assets into a spin and slamming stock futures.
Trump on Sunday increased pressure on China to reach a trade deal by announcing he will hike US tariffs on $200 billion worth of Chinese goods this week and target hundreds of billions more soon.
The announcement via Twitter marked a major shift in tone from Trump, who has cited good progress in trade talks and praised his relationship with Chinese President Xi Jinping.
The Wall Street Journal reported sources saying Beijing might cancel talks with their US counterparts in Washington planned for Wednesday.
Investors responded by bidding up the yen, which is considered a safe harbour in times of stress given Japan's status as the world's largest creditor and its huge hoard of assets abroad. The dollar was available at Rs 69.385 in terms of the Indian rupee, the greenback was at 4.147 versus the Malaysian ringgit and US currency was trading at 6.781 against the Chinese yuan.
In the second Asian trade, the dollar remained not far off a five-week low against the yen on Tuesday, after worries about US-China trade tensions rekindled fears about the outlook for global growth.
The Australian dollar rose versus the US currency as investors' immediate focus turned to an imminent rate decision by Australia's central bank.
The greenback kept largely to familiar ranges against most major peers, even as comments from top US trade officials that China had moved away from trade-related commitments weighed on US bond yields and stock futures.
The dollar index against a basket of six rivals was a shade lower at 97.436, having ending the previous session nearly flat. Against the yen, the dollar was down a tenth of a percent at 110.63 yen. It had brushed a five-week low of 110.285 yen per dollar during the previous session.
The dollar was trading against the Indian rupee at Rs 69.380, the greenback was at 4.146 in terms of the Malaysian ringgit and the US currency was available at 6.780 versus the Chinese yuan.
In the third Asian trade, growing fears about the impact of a worsening US-Sino trade conflict on global growth lifted the safe-haven Japanese yen to a six-week high against the dollar on Wednesday. Elsewhere in the markets, the New Zealand dollar hit its weakest in half a year after the country's central bank cut interest rates to record lows and projected a chance of even lower rates in the future.
But the broader market's focus is on for trade talks on Thursday and Friday in Washington, where Chinese Vice Premier Liu will try to salvage a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by US President Donald Trump.
The prospects of an escalation rather than a resolution of the US-China tariff war has seen the yen draw steady support from a flight-to-safety bid in recent days.
Otherwise, moves in currency markets have been relatively orderly compared with those in equity markets. Against the yen, the dollar slipped 0.3 percent to 109.92 yen for its fourth-day of losses against the Japanese currency and briefly touched a six-week low of 109.905 yen.
The dollar was trading against the Indian rupee at Rs 69.605, the greenback was available at 4.146 in relation to the Malaysian ringgit and the US currency was at 6.771 versus the Chinese yuan.
In the fourth Asian trade, the dollar hovered near a six-week low versus the yen on Thursday, weighed down against the safe-haven Japanese peer as risk aversion gripped broader markets amid concerns the US-China trade conflict could escalate.
Markets were nervously awaiting the start of two-day trade talks in Washington later in the global day to see if Chinese negotiators can convince the White House to back down on a threatened tariff hike on Friday. The US currency stood at 109.910 yen after going as low as 109.70 overnight, its weakest since March 25.
The Japanese currency, which has advanced against a number of peers, tends to attract demand in times of political strife and market turmoil. This week, expectations that the United States and China would reach an agreement soon to end their trade war have been upended, sending investors fleeing from riskier assets. Global stocks have retreated and government bonds have surged.
The dollar was trading against the Indian rupee at Rs 69.848, the greenback was at 4.150 versus the Malaysian ringgit and the US currency was available at 6.810 in terms of the Chinese yuan.
In the final Asian trade, the dollar was steady against the safe-haven Japanese yen on Friday, taking in stride the hike in US tariffs on Chinese goods that went into effect and awaiting resumption of talks between top officials of the world's two largest economies.
US President Donald Trump's tariff increase to 25 percent from 10 percent on $200 billion of Chinese goods kicked in on Friday, and Beijing said it would strike back, increasing tensions as the two sides pursue last-ditch talks to try salvaging a trade deal.
The dollar was trading against the Indian rupee at Rs 69.940, the greenback was at 4.152 versus the Malaysian ringgit and the US currency was available at 6.805 in terms of the Chinese yuan.