Mixed patterns

RECORDER REVIEW

KARACHI: The rupee depreciated against the dollar. It, however, depicted no change versus the euro on the money market during the week, ended on Dec 20, 2014.

In the inter-bank market, the rupee lost 21 paisa in relation to the dollar for buying and selling at Rs 100.54 and Rs 100.56.

In the open market, the rupee, depicted no change versus the dollar for buying and selling at Rs 100.60 and Rs 100.80, the rupee, however, gained Rs 1.50 against the euro for buying and selling at Rs 123.25 and Rs 123.50.

The dollar was in demand to clear the payments, in the meantime, the rupee managed to trim gains, experts said. The news appeared which is very much positive on the economic front, may help in supply of dollar, experts said. The Foreign Private Investment (FPI) showed an improvement of 82 percent to 630 million dollars in the first five months of the current fiscal year, while the Foreign Direct Investment depicted moderate rise during the said period.

According to the news, the International Monetary Fund (IMF) approved 1.05 billion dollars, the fifth installament of a 6.6 billion dollars fund, is a result of the country’s foreign exchange reserves increased to 14.042 billion dollars.

INTER-BANK MARKET: On Monday, the rupee rose by 27 paisa against the dollar for buying at Rs 100.33 and it also rose by 29 paisa for selling and Rs 100.36. On Tuesday, the rupee drifted lower as it shed 14 paisa against the dollar for buying and selling at Rs 100.48 and Rs 100.50. On Wednesday, the rupee fell by seven paisa in relation to the dollar for buying and selling at Rs 100.54 and Rs 100.57. On Thursday, the rupee picked up 10 paisa in relation to the dollar for buying and selling at Rs 100.44 and Rs 100.47. The rupee gave up some gains in terms of the dollar in the currency market on Friday. On Friday, the rupee reversed it’s overnight appreciation in relation to the dollar, losing 10 paisa in relation to the dollar for buying and selling at Rs 100.54 and Rs 100.56.

OPEN MARKET RATES: On Dec 15, the rupee managed to pick up 80 paisa in terms of the dollar for buying and selling at Rs 100.60 and Rs 100.80. The rupee also appreciated by Re.one against the euro for buying and selling at Rs 124.75 and Rs 125.00.

On December 16, the rupee slipped by 10 paisa in terms of the dollar for buying and selling at Rs 100.70 and Rs 100.90. The rupee also depreciated by Rs 1.25 against the euro for buying and selling at Rs 126.00 and Rs 126.25.

On Dec 17, the rupee followed same track versus dollar, losing 10 paisa for buying and selling at Rs 100.80 and Rs 101.00. The rupee also dropped by 50 paisa against the euro for buying and selling at Rs 125.50 and Rs 125.75.

On Dec 18, the rupee followed the same trend in terms of the dollar, rising by 25 paisa for buying and selling at Rs 100.55 and Rs 100.75, they said. The rupee also appreciated by Rs 1.75 against the euro for buying and selling at Rs 123.75 and Rs 124.00. On Dec 19, the rupee did not move any side versus the dollar for buying and selling at Rs 100.55 and Rs 100.75, they said. The rupee rose by 25 paisa against the euro for buying and selling at Rs 123.50 and Rs 123.75. On Dec 20, the rupee showed modest fall of five paisa in terms of the dollar for buying and selling at Rs 100.60 and Rs 100.80. The rupee, however, rose by 25 paisa against the euro for buying and selling at Rs 123.25 and Rs 123.50, they said.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar quivered in choppy trading against the yen on Monday as oil prices continued to sink on a weak outlook for global demand, while risk aversion pressured US Treasury yields.

But the Japanese currency initially rose as shares dropped, before it pulled off its session highs. The dollar was nearly flat on the day at 118.86 yen, after dropping as low as 117.78.

The dollar was trading against the Indian rupee at Rs 62.70, the greenback was at 3.4950 in relation to the Malaysian ringgit and the US currency was at 6.1876 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday. 77.88-77.88 (previous 77.88-77.88). Call Money Rates: 06.25-08.25 percent (Previous 05.50-08.25 percent).

In the second Asian trade, the yen hit a two-week high versus the dollar as investors shunned riskier assets, while the rouble - a major victim of plunging oil prices-rebounded after the Russian central bank hiked rates to halt its currency’s collapse.

The slide in oil prices has triggered a bout of volatility in global markets in recent weeks, leaving nervous investors fretting over the deteriorating health of the global economy.

The dollar was trading against the Indian rupee at Rs 63.49, the greenback was at 3.4870 in terms of the Malaysian ringgit and the US currency was at 6.190 versus the Chinese yuan.

In the third Asian trade, the dollar nursed its losses in Asian trading, pulling away from lows hit overnight on skidding oil prices, Russia’s financial crisis, and speculation that the Federal Reserve might take a more cautious tone on monetary policy.

Data released earlier on Wednesday showed Japan’s exports rose 4.9 percent in November, falling short of forecasts despite the weakening yen, which helped the dollar regain some of the ground it lost overnight against its Japanese counterpart.

The dollar was trading against the Indian rupee at Rs 63.58, the greenback was at 3.4855 versus the Malaysian ringgit and the US currency was available at 6.197 in terms of the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Wednesday. 77.88-77.88 (previous 77.88-77.88). Call Money Rates: 06.00-08.50 percent (Previous 06.00-08.50 percent).

In the fourth Asian trade, the dollar took the upper hand after the Federal Reserve signalled it was on track to raise interest rates next year, altering a pledge to keep them near zero for a “considerable time” in a show of confidence in the US economy. The Fed said it would take a “patient” approach in deciding when to bump borrowing costs higher, guidance which it said is consistent with its previous statement that rates will be low “for a considerable time.”

The dollar was trading against the Indian rupee at Rs 63.22, the greenback was available at 3.4645 in terms of the Malaysian ringgit and the US currency was at 6.2163 versus Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Thursday 77.88-77.90 (previous 77.88-77.88). Call Money Rates: 06.50-08.75 percent (Previous 06.25-08.50 percent)(revised).

In the final session, the safe-haven yen was on the back foot, as risk assets staged a broad recovery and investors awaited a press conference by the head of the Bank of Japan after the central bank held policy steady.

The dollar added about 0.4 percent against the yen to buy 119.27 yen, while the euro rose about 0.3 percent to 146.44 yen.

The dollar was trading against the Indian rupee at Rs 63.05, the greenback was at 3.4745 in terms of the Malaysian ringgit and US currency was at 6.2211 versus the Chinese yuan.

At the week-end, the US dollar hit its highest level against major currencies in over 8-1/2 years on diverging monetary policy between the Federal Reserve and other major central banks, and bullish dollar positions heading into the end of the year.

The euro hit a 28-month low against the greenback, while the dollar hovered near a 28-month high against the Swiss franc and hit a more than one-week high against the Japanese yen on the back of the Fed signalling on Wednesday that it would likely hike rates in 2015 and loose policies in Europe, Japan and Switzerland.