Modest gains

RECORDER REVIEW

KARACHI: The rupee managed to recover modestly against the dollar on the currency market, it, however, lost its value in terms of the euro during the week, ended on May 2, 2015.

In the inter-bank market, the rupee picked up 10 paisas versus the dollar for buying and selling at Rs 101.72 and Rs 101.75.

The rupee, in the open market gained the same amount to Rs 102.50 and Rs 102.70. The rupee, however, fell sharply versus the euro for buying and selling at Rs 114.50 and Rs 114.75.

The rupee improved with slight gains versus the dollar on the back of easy supply of the US currency. The national currency may move cautiously against the dollar in time to come, experts said.

INTER-BANK MARKET RATES: On Monday, the rupee lost 20 paisas versus the dollar for buying and selling at Rs 101.83 and Rs 101.86. On Tuesday, the rupee inched up by one paisas versus the dollar for buying and selling at Rs 101.82 and Rs 101.84.

On Wednesday, the rupee picked up seven paisas versus the dollar for buying and selling at Rs 101.75 and Rs 101.78. On Thursday, the rupee gained three paisas in terms of the dollar for buying and selling at Rs 101.72 and Rs 101.75. On Thursday, the rupee gained three paisas in terms of the dollar for buying and selling at Rs 101.72 and Rs 101.75.

OPEN MARKET RATES: On April 27, the rupee dropped 15 paisas in relation to the dollar for buying and selling at Rs 102.60 and Rs 102.80. The rupee showed no change in terms of the euro for buying and selling at Rs 111.00 and Rs 111.25.

On April 28, the rupee, however, gained 10 paisas in relation to the dollar for buying and selling at Rs 102.50 and Rs 102.70, they said. The rupee, however, dropped by 50 paisas in terms of the euro for buying and selling at Rs 111.50 and Rs 111.70.

On April 29, the rupee sustained the overnight levels in relation to the dollar for buying and selling at Rs 102.50 and Rs 102.70. The rupee extended further 50 paisas in terms of the euro for buying and selling at Rs 112.00 and Rs 112.25.

OPEN MARKET RATES: On Saturday, the rupee shed five paisas in relation to the dollar for buying and selling at Rs 102.50 and Rs 102.70. The rupee also dropped 30 paisas against the euro for buying and selling at Rs 114.20 and Rs 114.45.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar started the week on the defensive on Monday after more disappointing US economic data reinforced expectations the US Federal Reserve will not hike interest rates any time soon, while concerns about Greece’s debt talks pressured the euro.

The dollar was buying 118.93 yen, down about 0.1 percent on the day and well below last week’s high of 120.10 yen touched on Thursday, and back toward its April low of 118.525 plumbed one week ago.

The dollar was trading against the Indian rupee at Rs 63.62, the greenback was at 3.5600 in terms of the Malaysian ringgit and the US currency was available at 6.1985 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Monday. 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 06.75-8.00 percent (Previous 06.75-08.00 percent).

In the second Asian trade, the euro hovered near a three-week peak, having pushed higher overnight as the dollar came under broad pressure and on renewed hopes that cash-strapped Greece was a step closer to securing fresh funding.

The dollar awaited US data later in the day which could either hasten its fall against the euro or arrest its decline ahead of the closely-watched two-day Federal Reserve meeting that begins Wednesday.

The dollar was trading against the Indian rupee at Rs 63.48, the greenback was at 3.5535 in terms of the Malaysian ringgit and the US currency was at 6.220 versus the Chinese yuan.

In the third Asian trade, the dollar wallowed near a two-month low against a basket of major currencies on Wednesday as the market hedged the risk that the Federal Reserve might adopt a more dovish tone in statements following the two-day policy review.

The dollar index last stood at 96.141. On Tuesday it fell as far as 96.011, reaching a low last seen on March 5. The key risk for the dollar is the Fed’s post-meeting policy statement due at 1800 GMT. The Fed is widely expected to keep policy unchanged and the focus will be on its economic assessment.

The dollar was trading against the Indian rupee at Rs 63.20, the greenback was at 3.5625 in terms of the Malaysian ringgit and the US currency was available at 6.205 in terms of Chinese yuam.

Inter bank buy/sell rates for the taka against the dollar on Wednesday. 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 06.75-8.00 percent (Previous 06.60-08.00 percent.

At the week-end, the dollar touched a two-week high against the yen and rose from a two-month low versus a basket of major currencies, supported by signs that the US economy may be stabilizing after a recent soft patch.

US economic reports were mixed, with consumer sentiment strong but manufacturing and construction weak. The net effect of the data was positive on the dollar, which investors viewed as oversold. Volumes were thin, with most of Europe shut for the May Day holiday.