Rates dip
RECORDER REVIEW
KARACHI: The rupee fell sharply in relation to the dollar in the open market while, the national currency did not move any side in the inter-bank market during the week, ended on 21 April, 2018.
In the open market, the rupee lost Rs 1.30 against the dollar for buying and selling at Rs 117.80 and Rs 118.20, they said. The rupee also dipped versus the euro for buying and selling at Rs 144.30 and Rs 145.80.
In the inter-bank market, the rupee was almost unchanged against the dollar for buying and selling at Rs 115.60 and Rs 115.61.
Commenting on the sharp decline in the value of the rupee versus the dollar, President of Forex Association of Pakistan (FAP), Malik Bostan said that demand for dollars went up on high demand by intending Umrah pilgrims and investors. Other experts said that it is interesting to observe that how the inter-bank market will react in coming week.
Recently, adviser to Prime Minister on Finance, Miftah Ismail has said that Pakistan does not see any further devaluation of rupee in near future.
During the last four months the national currency devalue for twice-first in December by five percent and then in March by five percent-due to rapidly growing trade deficit,” Ismail said in an interview with Bloomberg media group on Saturday.
The Finance Adviser is currently visiting Washington DC to attend the World Bank and the International Monetary Fund (IMF) annual spring meetings.
OPEN MARKET RATES: On Monday, the rupee was unchanged in relation to the dollar for buying and selling at Rs 116.50 and Rs 116.80, they said. The rupee, however, lost 75 paisa versus the euro for buying and selling at Rs 142.75 and Rs 144.25, they added.
On Tuesday, the rupee shed 10 paisa in relation to the dollar for buying and selling at Rs 116.60 and Rs 116.90, they said. The rupee fell sharply versus the euro for buying and selling at Rs 143.75 and Rs 145.25, they added.
On Wednesday, the rupee extended overnight fall, losing 10 paisas more in relation to the dollar for buying and selling at Rs 116.70 and Rs 117.00. The rupee dropped 25 paisas versus the euro for buying and selling at Rs 144.00 and Rs 145.50.
On Thursday, the rupee depreciated by 50 paisas in relation to the dollar for buying and selling at Rs 117.20 and Rs 117.50, they said. The rupee also lost 60 paisas versus the euro for buying and selling at Rs 144.60 and Rs 146.10, they added.
On Friday, the rupee failed to resist further slide, losing more 20 paisas in relation to the dollar for buying and selling at Rs 117.40 and Rs 117.70. The rupee, however, recovered 30 paisa versus the euro for buying and selling at Rs 144.30 and Rs 145.80.
The rupee lost 40 paisas against the dollar for buying and selling at Rs 117.80 and Rs 118.20. The rupee also dipped versus the euro for buying and selling at Rs 144.30 and Rs 145.80.
INTER-BANK MARKET RATES: On April 16, the rupee was almost inert in terms of the dollar for buying and selling at Rs 115.61 and Rs 115.62. On April 17, the rupee was almost inert in terms of the dollar for buying and selling at Rs 115.61 and Rs 115.62. On April 18, the rupee did not move any side in terms of the dollar for buying and selling at Rs 115.61 and Rs 115.62.
On April 19, the rupee was almost unchanged against the dollar for buying and selling at Rs 115.61 and Rs 115.62. On April 20, the rupee maintained its present levels against the dollar for buying and selling at Rs 115.60 and Rs 115.61, they said.
OVERSEAS OUTLOOK FOR DOLLAR VS DOLLAR: In the first Asian trade, the dollar dipped on Monday as markets weighed the impact of strikes on Syria by the United States and its allies at the weekend, although losses were limited as the military action did not result in broad risk aversion.
The United States, France and Britain launched missiles targeting what the Pentagon said were chemical weapons facilities in Syria on Saturday, in retaliation for a suspected poison gas attack on April 7.
The dollar index against a basket of six major currencies eased 0.05 percent to 89.741. The US currency was 0.1 percent lower at 107.245 yen after a brief rise to 107.610. It was within reach of a near two-month high of 107.780 yen set on Friday.
The dollar was trading against the Indian rupee at Rs 65.403, the greenback was available at 3.888 versus the Malaysian ringgit and the US currency was at 6.284 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 82.98-82.98 (Previous 82.98-82.98).
In the second Asian trade, the dollar steadied on Tuesday as the market’s focus shifted back to US trade policy as investors wagered US-led attacks on Syria would not escalate into a wider conflict in the Middle East.
An index that tracks the dollar against a basket of six currencies steadied around 89.430 after a 0.4 percent fall on Monday, not far from its two-week low of 89.355 last week.
Against the yen, the dollar softened to 107.04 yen, off its seven-week high of 107.78 yen touched on Friday as traders braced for a meeting between US President Donald Trump and Japanese Prime Minister Shinzo Abe on Tuesday and Wednesday.
Tokyo is eager to avoid being pushed into talks on a two-way free trade agreement aimed not only at market access but at monetary and currency policies.
The dollar was available against the Indian rupee at Rs 65.530, the greenback was at 3.885 in terms of the Malaysian ringgit and the US currency was available at 6.282 against the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 82.98-82.98 (Previous 82.98-82.98).
In the third Asian trade, the dollar edged up on Wednesday, as firm US economic data supported the greenback against the yen and headline risks around US-China trade relations and tensions in the Middle East appeared to take a backseat.
The dollar index against a group of six major currencies was a shade higher at 89.538 after gaining 0.1 percent overnight.
The index had stooped to 89.229, its lowest since March 27 before pulling back on stronger-than-expected March US housing starts and steady industrial production figures.
The greenback found support from economic indicators as the market focused on fundamentals as perceived political risks receded, with Western strikes on Syria not expected to escalate and a lull in major US-China trade-related headlines.
The dollar was trading against the Indian rupee at Rs 65.665, the greenback was at 3.890 in terms of the Malaysian ringgit and the US currency was available at 6.287 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday: 82.98-82.98 (Previous 82.98-82.98).
In the fourth Asian trade, the dollar was steady against a basket of its peers on Thursday, supported by higher long-term US Treasury yields on improving investor appetite for risk assets, though lingering concerns over US-China trade tensions checked the greenback.
The dollar index against a group of six major currencies was flat at 89.633 after edging up 0.1 percent on Wednesday.
The dollar was trading against the Indian rupee at Rs 65.760, the US currency was at 3.888 versus the Malaysian ringgit and the greenback was available at 6.266 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 82.98-82.98 (Previous 82.98-82.98).
In the final Asian trade, the British pound flirted with two-week lows against the dollar on Friday following comments from the Bank of England chief and soft UK retail sales data, while the yen eased as risk sentiment was on the mend.
The dollar was trading against the Indian rupee at Rs 66.008, the greenback was at 3.890 in terms of the Malaysian ringgit and the US currency was available at 6.286 versus the Chinese yuan.
In the final New York trade, the US dollar rose to a two-week high against a basket of currencies on Friday on rising US yields, while sterling extended a decline in the wake of dovish comments from the head of the Bank of England.
The euro fell to a two-week low versus the dollar, for its biggest weekly drop in two months, as investors trimmed record high bets before a European Central Bank meeting next week where policymakers are largely expected to signal no change in policy.
