Modest recovery vs $

RECORDER REVIEW

KARACHI: The rupee managed to resist decline in it’s value against the dollar on the currency market, ended on Sept 20, 2014.

In the inter-bank market, the rupee posted fresh gains of 20 paisa in terms of the dollar for buying and selling at Rs 102.75 and Rs 102.76.

In the open market, the rupee also picked up 15 paisa versus the dollar for buying and selling at Rs 102.60 and Rs 102.80, the national currency rose by Rs 1.25 in terms of the euro for buying and selling at Rs 131.50 and Rs 131.75, they said.

In the beginning sessions of the week, the rupee tumbled versus the dollar due to strong buying to meet the payment requirements, money experts said. They said that political instability in the country also played a role behind the erosion in the value of the local currency. Besides, on Saturday, the State Bank of Pakistan (SBP) has decided to keep the policy rate unchanged at 10.0 percent. Analysts were of the opinion that the rupee may trade in a narrow band versus the dollar in times to come.

INTER-BANK MARKET RATES: On Monday, the rupee came under pressure in terms of the dollar, dropping 45 paisa for buying at Rs 102.95 and it also shed 43 paisa for selling at Rs 102.98. On Tuesday, the rupee picked up 17 paisa in relation to the dollar for buying at Rs 102.78 and it also gained 16 paisa for selling at Rs 102.82.

On Wednesday, the rupee extended its overnight journey in relation to the dollar, gaining 13 paisa for buying at Rs 102.65 and it also gained 16 paisa for selling at Rs 102.68. On Thursday, the rupee slid in relation to the dollar, falling 10 paisa for buying at Rs 102.75 and it also depreciated by 12 paisa for selling at Rs 102.80.

On Friday, the rupee managed to sustain its overnight level versus the dollar for dollar at Rs 102.75 while it was up by four paisa for selling at Rs 102.76.

OPEN MARKET RATES: On Sept 15, the rupee depreciated versus the dollar, losing 40 paisa for buying and selling at Rs 102.75 and Rs 102.95. The rupee also gave up 25 paisa against the euro for buying and selling at Rs 132.75 and Rs 133.00.

On Sept 16, the rupee also picked up 35 paisa against the dollar for buying and selling at Rs 102.40 and Rs 102.60. The rupee followed same trend versus the euro, rising by 25 paisa for buying and selling at Rs 132.50 and Rs 132.75.

On Sept 17, the rupee also rose by 10 paisa in terms of the greenback for buying and selling at Rs 102.30 and Rs 102.50. The rupee showed no change versus the euro for buying and selling at Rs 132.50 and Rs 132.75.

On Sept 18, the rupee dropped by 15 paisa in terms of the greenback for buying and selling at Rs 102.45 and Rs 102.65. The rupee, however, lost 75 paisa versus the euro for buying and selling at Rs 131.75 and Rs 132.00.

On Sept 19, the rupee shed five paisa in terms of the greenback for buying and selling at Rs 102.50 and Rs 102.70. The rupee, however, picked up 25 paisa in relation to the euro for buying and selling at Rs 131.50 and Rs 131.75.

OPEN MARKET RATES: The rupee gave up 10 paisa in terms of the greenback for buying and selling at Rs 102.60 and Rs 102.80, they said. While, the rupee managed to hold the overnight levels in terms of the euro for buying and selling at Rs 131.50 and Rs 131.75, they said.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the greenback held just below a six-year peak of 107.39 yen set on Friday. The euro was steady at $1.2965, having drifted up from a 14-month trough of $1.2859 last week.

The Australian dollar slid to a six-month low as worries about slower Chinese growth hit a nerve, but other major currencies held their ground ahead of this week’s Federal Reserve policy meeting.

The dollar was trading against the Indian rupee at Rs 61.00, the greenback was at 3.2100 versus the Malaysian ringgit and the US currency was at 6.1393 in relation to the Chinese yuan.

Inter bank buy-sell rates for the taka against the dollar on Monday. 77.40-77.40 (previous 77.40-77.40). Call Money Rates: 05.50-07.00 percent (Previous 05.50-06.75 percent) (revised).

In the second Asian trade, the dollar eased on Tuesday with investors reluctant to do much as they waited for fresh guidance on interest rates from the Federal Reserve, while the Australian dollar held above a six-month trough. The dollar index slipped 0.1 percent to 84.193, largely consolidating in a slim 84.035-84.519 range since its rally to a 14-month peak on Sept. 9 ran out of steam.

The dollar was available at Rs 61.02 in terms of the Indian rupee, the greenback was at 3.2250 versus the Malaysian ringgit and the US currency was at 6.1483 in relation to the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Tuesday. 77.40-77.40 (previous 77.40-77.40).Call Money Rates: 05.50-07.00 percent (Previous 05.50-07.00 percent).

In the third Asian trade, the US dollar firmed, recovering from a setback in the previous session as investors awaited the Federal Reserve’s latest guidance on US interest rates. The Fed’s Open Market Committee will conclude its regular two-day policy meeting later in the session, at which it is expected to discuss the timing of the next US rate increase.

The dollar was trading against the Indian rupee at Rs 60.99, the greenback was at 3.2190 in terms of the Malaysian ringgit and the greenback was at 6.143 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday. 77.40-77.40 (previous 77.40-77.40). Call Money Rates: 06.25-08.25 percent (Previous 05.50-07.00 percent).

In the fourth Asian trade, the dollar hit a six-year high against the yen on Thursday after the Federal Reserve’s guidance on interest rates highlighted the diverging pathways between the United States and other rich nations. The greenback raced to a high of 108.69 yen, its strongest level since September 2008. The dollar last traded at 108.58 yen, up 0.2 percent on the day.

The dollar was trading against the Indian rupee at Rs 61.11, the greenback was at 3.2410 in terms of the Malaysian ringgit and the US currency was available at 6.1443 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Thursday. 77.40-77.40 (previous 77.40-77.40). Call Money Rates: 06.50-08.25 percent (Previous 06.25-08.25 percent).

In the final Asian trade, sterling sped higher on Friday after two early results from the Scottish vote on independence showed the unionist camp winning easily, reinforcing market expectations the country would remain in the United Kingdom.

The result in the small borough of Clackmannanshire was reported as 46.2 percent in support of independence, with 53.8 percent against.

The dollar was trading against the Indian rupee at Rs 60.79, the greenback was at 3.2365 in terms of the Malaysian ringgit and the US currency was available at 6.1378 versus the Chinese yuan.

At the week-end, the dollar gained against a basket of major currencies, posting its 10th consecutive week of gains, as investors bet US interest rates would rise more quickly than had been expected. Some market participants, however, said the dollar’s move was overdone and its rally should pause fairly soon. Fundamentally, the dollar seemed to be getting just a marginal boost from positive US economic news, they added.