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The rupee failed to sustain it's present levels against the dollar during the week, ended on September 28, 2019. The rupee showed slight weakness versus the dollar for buying and selling at Rs 156.17 and Rs 156.19.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee dropped 20 paisas against the dollar for buying and selling at Rs 156.00 and Rs 156.50. The rupee, however, gained modestly in terms of the euro for buying and selling at Rs 170.40 and Rs 172.40.

Commenting on the slight fluctuations in the rates, marketmen said that it was surprising to note that the rupee maintained firmness versus the dollar for a long time due to easy supply of the greenback. But, now it looks that national currency may depict marginal fluctuations against the dollar in the near future, they added.

INTER-BANK MARKET RATES: On Monday, the rupee showed slight fall in relation to the dollar for buying and selling at Rs 156.10 and Rs 156.15. On Tuesday, the rupee shed five paisas in relation to the dollar for buying and selling at Rs 156.15 and Rs 156.20. On Wednesday, the rupee moved with little change in relation to the dollar for buying and selling at Rs 156.16 and Rs 156.18. On Thursday, the rupee fell slightly versus the dollar for buying and selling at Rs 156.18 and Rs 156.20. On Friday, the rupee showed slight changes versus the dollar for buying and selling at Rs 156.17 and Rs 156.19.

OPEN MARKET RATES: On September 23, the rupee did not show any change versus the dollar for buying and selling at Rs 155.80 and Rs 156.30. While, the rupee recovered 50 paisas in terms of the euro for buying and selling at Rs 171.00 and Rs 173.00.

On September 24, the rupee, however, gained 10 paisas versus the dollar for buying and selling at Rs 155.70 and Rs 156.20, they added. While, the rupee did not move any side in terms of the euro for buying and selling at Rs 171.00 and Rs 173.00, they added.

On September 25, the rupee was inert versus the dollar for buying and selling at Rs 155.70 and Rs 156.20. While, the rupee picked up 20 paisas in terms of the euro for buying and selling at Rs 170.80 and Rs 172.80.

On September 26, the rupee shed 10 paisas in relation to the dollar for buying and selling at Rs 155.80 and Rs 156.30 respectively, they said. The rupee was available versus the euro for buying and selling at Rs 170.00 and Rs 172.50 respectively, they said.

On September 27, the rupee was almost unchanged against the dollar for buying and selling at Rs 155.80 and Rs 156.30, they added. While, the rupee shed 20 paisas in terms of the euro for buying and selling at Rs 170.20 and Rs 172.40, they added.

On September 28, the rupee lost 20 paisas against the dollar for buying and selling at Rs 156.00 and Rs 156.50, they added. While, the rupee shed 20 paisas in terms of the euro for buying at Rs 170.40 and the local currency did not show any change for selling and Rs 172.40, they added.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the safe-haven Japanese yen fell against most major currencies on Monday, with investors' appetite for riskier assets improving after talks in Washington between US and Chinese trade deputies were described as "productive".

The currency was sold in favour of the euro and greenback, but trade-exposed currencies, such as the Australian and New Zealand dollars rose further, with the Aussie heading toward its best day against the yen in two weeks with a 0.4% gain. However, volumes were dampened by a public holiday in Japan and by the anticipation that central banks on both sides of the Tasman Sea The dollar was trading against the Indian rupee at Rs 70.930, the greenback was at 4.165 in terms of the Malaysian ringgit and the US currency was available at 7.114 versus the Chinese yuan.

In the second Asian trade, the dollar held firm on Tuesday as the euro struggled on more signs of economic trouble in the euro zone, while sterling wallowed near one-week lows before a key Supreme Court ruling related to the suspension of Britain's parliament this month. Traders were also keeping a watchful eye on Sino-US trade talks which is set to resume next month, with constantly-shifting expectations on the prospect of a deal keeping markets on edge in the past month.

The dollar rose slightly against the yen to 107.59 and inched higher against a basket of currencies to 98.664. It was steady against the euro, which stayed under $1.10 mark where it had fallen on Monday following dismal readings on German manufacturing.

The dollar was trading against the Indian rupee at Rs 70.805, the greenback was at 4.175 in terms of the Malaysian ringgit and the US currency was at 7.111 versus the Chinese yuan. In the third Asian trade, the dollar steadied in Asian trade on Wednesday but remained on the defensive after the launch of a formal impeachment inquiry against President Donald Trump, while the political uncertainty added to worries about economies strained by the Sino-US trade row.

The dollar bounced slightly in Asia after falling in US trade overnight following Pelosi's move, which was announced late on Tuesday. The euro, which was battered by weak euro zone economic data earlier this week, inched down 0.2% to $1.1001, a hair's breath off Monday's low of $1.0966.

The dollar was trading against the Indian rupee at Rs 71.050, the greenback was at 4.186 in terms of the Malaysian ringgit and the US currency was available at 7.116 versus the Chinese yuan. In the fourth Asian market, the dollar consolidated on Thursday, staying near multi-week highs against most major currencies while slipping against riskier ones after US President Donald Trump said there could be a trade deal with China soon.

"It's the Trump pump, and it works," said Matt Simpson, senior market analyst at Gain Capital in Singapore. The dollar was trading against the Indian rupee at Rs 71.030, the greenback was at 4.194 in terms of the Malaysian ringgit and the US currency was available at 7.127 versus the Chinese yuan.

In the final Asian trade, the dollar softened on Friday, drifting from multi-week highs against most major currencies as investors cautiously weighed fresh political turmoil in the United States and waited for the next turn in trade negotiations with China. It fell against the trade-sensitive Australian and New Zealand dollars, which gently rallied on hopes that next month's US-China trade talks will bring progress. Moves were slight, though and neither strayed far from two-week troughs against the greenback.

The dollar was trading against the Indian rupee at Rs 70.830, the greenback was at 4.185 versus the Malaysian ringgit and the US currency was available at 7.130 in terms the Chinese yuan. In the final US trade, the euro fell to more than two-year lows against the US dollar on Friday as a weak growth outlook weighed on the single currency, though it rebounded after testing technical support levels. Dismal business activity data from the euro area, especially powerhouse economy Germany, has pushed European bond yields lower across the board this week, with further pressure coming from concern over economic weakness in Britain.

Copyright Business Recorder, 2019


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