Business Recorder
THE RUPEE

THE RUPEE




Slight gains

RECORDER REVIEW

KARACHI: The rupee was firm against the dollar on the money market, during the week, ended on March 18, 2017.

On the back of comfortable supply of dollar, the rupee managed to move in narrow band during the week, some experts said.

They also said that if supply of dollar improves, the national currency may depict further improvement in days to come.

OPEN MARKET RATES: The rupee picked up 10 paisas versus the dollar for buying and selling at Rs 106.50 and Rs 106.70. It, however, lost 70 paisas against the euro for buying and selling at Rs 113.75 and Rs 115.25, they said.

INTER-BANK MARKET RATES: The rupee almost traded against the dollar for buying and selling at Rs 104.85 and Rs 104.86.

OPEN MARKET RATES: On March 13, the rupee, however, improved by 19 paisas in relation to the dollar for buying and selling at Rs 106.40 and Rs 106.60. It, however, shed 10 paisas in terms of the euro for buying and selling at Rs 113.10 and Rs 114.60. On March 14, the rupee was unchanged in relation to the dollar for buying and selling at Rs 106.40 and Rs 106.60. It, however, gained 10 paisas in terms of the euro for buying and selling at Rs 113.00 and Rs 114.50. On March 15, the rupee came down after losing 10 paisas in relation to the dollar for buying and selling at Rs 106.50 and Rs 106.70 however, it gained 20 paisas in terms of the euro for buying and selling at Rs 112.80 and Rs 114.30. On March 16, the rupee did not show any change in relation to the dollar for buying and selling at Rs 106.50 and Rs 106.70. It, however, lost Rs 1.10 in terms of the euro for buying and selling at Rs 113.90 and Rs 115.40.

On March 17, the rupee was also unmoved in relation to the dollar for buying and selling at Rs 106.50 and Rs 106.70. It, however, shed 10 paisas versus the euro for buying and selling at Rs 114.00 and Rs 115.50.

On Mar 18, the rupee was unchanged in relation to the dollar for buying and selling at Rs 106.50 and Rs 106.70. It, however, picked up 25 paisas versus the euro for buying and selling at Rs 113.75 and Rs 115.25.

INTER-BANK MARKET RATES: The rupee showed no major change against the dollar for buying and selling at Rs 104.85 and Rs 104.86.

OVERSEAS MARKET OUTLOOK: In the first Asian trade, the euro firmed to one-month highs against the dollar, after some European Central Bank policymakers raised the possibility of hiking interest rates before bond purchases end.

The euro was up 0.2 percent at $1.0699, after rising as high as $1.0701, its highest level since Feb. 9.

The dollar was available against the Indian rupee at Rs 66.60, the greenback was at 4.4440 in terms of the Malaysian ringgit and the US currency was at 6.9071 in relation to the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Monday. 79.52-79.52 (previous 79.50-79.50).

In the second Asian trade, the dollar inched up against a basket of currencies as US Treasury yields extended their rise ahead of an expected interest rate rise by the Federal Reserve.

The dollar was trading against the Indian rupee at Rs 66.20, the greenback was at 4.4460 in terms of the Malaysian ringgit and the US currency was at 6.9174 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Tuesday. 79.53-79.55 (previous 79.52-79.52).

In the second third trade, the dollar wobbled in a narrow range, as investors waited anxiously to see what clues the US Federal Reserve would soon reveal on its monetary policy outlook.

The dollar was trading against the Indian rupee at Rs 65.505, the greenback was 4.447 in terms of the Malaysian ringgit and the US currency was at 6.914 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Wednesday: 79.54-79.55 (previous 79.53-79.54).

In the fourth trade, the euro stood tall after Dutch election exit polls pointed to a comfortable win by the prime minister over his far-right rival, while the dollar wallowed at a one-month low after the Federal Reserve sounded less hawkish than anticipated on future rate rises.

The euro climbed to a five-week high of $1.0746 on Thursday, after surging 1.2 percent overnight.

The dollar was trading against the Indian rupee at Rs 65.370, the greenback was available at 4.435 in terms of the Malaysian ringgit and the US currency was at 6.891 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Thursday. 79.56-79.57 (previous 79.54-79.55).

In the fourth trade, the dollar licked its wounds, wallowing at five-week lows against a currency basket and on track for weekly losses after the US Federal Reserve signalled fewer interest rate hikes than some investors had expected.

The dollar was trading against the Indian rupee at Rs 65.578, the greenback was at 4.441 in terms of the Malaysian ringgit and the US currency was at 6.902 versus the Chinese yuan.

At the week-end, the dollar fell to a five-week low, remaining under pressure for a third straight session after the Federal Reserve quashed hopes for a further currency bull run by keeping a gradual rate-hiking pace.

“At the moment, the dollar remains in correction mode, which we had fully expected,” said Fawad Razaqzada, market analyst, Forex.com in London. “But we remain fundamentally bullish on the greenback because the Fed remains the only major central bank which is actively tightening its policy.”

James Chen, head of research at Forex.com in Bedminster, New Jersey, also pointed out that the pace of Fed rate hikes and policy outlooks can change extremely quickly.

He noted that only a few weeks before Wednesday’s Fed announcement, expectations for a March hike were exceptionally low. But Fed officials made a concerted effort to warn the markets of the high likelihood of a Fed rate hike and expectations then soared to a near-certainty, Chen said.



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