Dollar rises

RECORDER REVIEW

KARACHI: The rupee crossed the barrier of 103 due to strong demand for dollar during the week, ended on May 23, 2015.

In the inter-bank market, the rupee moved cautiously versus the dollar for buying and selling at Rs 101.97 and Rs 101.97.

In the open market, the rupee fell versus the dollar, losing 20 paisas for buying at Rs 103.10 and dropping 35 paisas for selling at Rs 103.35. The rupee, however, gained Rs 3 versus the euro for buying and selling at Rs 114.00 and Rs 114.75.

Currency viewers observed an occasion rise in the value of the dollar. They said that usually, people spent their summer vocation abroad, causing an increase in the dollar demand. Exporters urging economic managers to bring down the rupee to boost the exports. According to reports, the Ministry of Commerce has asked the government to devalue the rupee versus the dollar.

They also appreciated the decision by the State Bank of Pakistan (SBP) in which it has reduced interest rate by 100 basis points from 8.0 percent to 7.0 percent for next two months.

Other traders also hailed the decision, saying it will help stimulate the private sector growth.

OPEN MARKET RATES: On Monday, the rupee lost 20 paisas against the dollar for buying and selling at Rs 102.80 and Rs 103.00, while, it, inched up by 10 paisas versus the euro for buying and selling at Rs 117.20 and Rs 117.45.

On Tuesday, the rupee continued weakness against the dollar, losing 10 paisas more for buying and selling at Rs 102.90 and Rs 103.10, while, it, recovered Rs 1.80 versus the euro for buying and selling at Rs 115.00 and Rs 115.25.

On Wednesday, the rupee managed to recover 10 paisas against the dollar for buying and selling at Rs 102.80 and Rs 103.00, it, also gained further 75 paisas versus the euro for buying and selling at Rs 114.25 and Rs 114.50.

buying and selling at Rs 101.93 and Rs 101.95, they said.

On Thursday, the rupee also dropped by 10 paisas in relation to the dollar for buying and selling at Rs 102.90 and Rs 103.10, it, also slipped by 25 paisas versus the euro for buying and selling at Rs 114.50 and Rs 114.75.

On Friday, the rupee also dropped by 10 paisas versus the dollar for buying and selling at Rs 103.00 and Rs 103.20. The national currency also lost 50 paisas versus the euro for buying and selling at Rs 115.00 and Rs 115.25.

OPEN MARKET RATES: The rupee also lost 10 paisas versus the dollar for buying and selling at Rs 103.10 and Rs 103.35, they said. The national currency, however, gained versus the euro, picking up Re 1 for buying and selling at Rs 114.00 and Rs 114.75, they added.

INTTER-BANK MARKET RATES: On May 18, the rupee shed two paisas in relation to the dollar for buying and selling at Rs 101.95 and Rs 101.97. On May 19, the rupee picked up five paisas in relation to the dollar for buying and selling at Rs 101.90 and Rs 101.92. On May 20, the rupee showed no change in relation to the dollar for buying and selling at Rs 101.90 and Rs 101.92.

on May 21, the rupee drifted lower in relation to the dollar for buying and selling at Rs 101.93 and Rs 01.95. On May 22, local currency shed four paisas for buying and selling at Rs 101.97 and Rs 101.98.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar clawed its way higher but remained not far from a three-month low against the euro in Asian trade on Monday after downbeat US economic data raised bets that the Federal Reserve will wait longer to raise interest rates.

The euro was buying $1.1436, down about 0.1 percent on the day but not far from its Friday peak of $1.1468, as investors and strategists mulled how far its rally can run.

The dollar was trading against the Indian rupee at Rs 63.56, the greenback was at 3.5700 in terms of the Malaysian ringgit and US currency was at 6.203 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: 05.25-7.00 percent (Previous 05.25-07.00 percent).

In the second Asian trade, the dollar held firm in the wake of a rise in US bond yields and as the euro came under renewed pressure on persistent worries that Greece may miss debt repayments next month.

The dollar last traded at 94.205 versus a basket of six major currencies, having touched a high of 94.336 at one point during the session, its highest level in nearly a week.

The dollar was trading against the Indian rupee at Rs 63.68, the US currency was available at 3.5850 in terms of the Malaysian ringgit and the greenback was at 6.204 versus the Chinese yuan.

Inter-bank buy/sell rates for the taka against the dollar on Tuesday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.25-7.50 percent (Previous 05.25-07.50 percent).

In the third Asian trade, the dollar hit a two-month high against the yen, staying on firm footing after strong US housing data the previous day offered hopeful signs for the US economy’s second-quarter growth.

The dollar rose as high as 120.93 yen as of 0050 GMT, its highest level since March 20. The dollar was last up 0.2 percent on the day at 120.90 yen.

The dollar was available against the Indian rupee at 63.75, the greenback was at 3.6090 and the US currency was at 6.2044 in terms of the Chinese yuan.

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: 05.30-7.50 percent (Previous 05.05-07.50 percent).

In the fourth Asian trade, the dollar stepped back in Asian trade on Thursday but held close to a two-week peak against a basket of major currencies as investors focused on the pace of the US Federal Reserve’s coming interest rate hikes.

Minutes from the Federal Reserve’s April meeting contained no major surprises, doing little to change expectations that the Fed will probably wait until late this year before raising rates.

The dollar was trading against the Indian rupee at Rs 63.74, the greenback was at 3.6025 versus the Malaysian ringgit and the US currency was available at 6.2021.

Inter-bank buy/sell rates for the taka against the dollar on Thursday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.25-7.25 percent (Previous 05.25-07.50 percent).

In the final Asian trade, the dollar edged lower versus a basket of major currencies in the wake of unimpressive US economic data, with investors awaiting speeches by major central bankers.

The dollar index slipped 0.2 percent to 95.117, having backed off from Wednesday’s peak of 95.837, its highest level since May 5. It is still up 2 percent on the week, putting it on track for its first weekly gain in six weeks.

The dollar war available against the Indian rupee at Rs 63.62, the greenback was at 3.5860 in the terms of the Malaysian ringgit and the US currency was at 6.1956 versus the Chinese yuan.

At the week-end, the US dollar turned higher on Friday, spurred off early losses after a US inflation report that indicated underlying pressures are building bolstered the case for the US Federal Reserve to raise interest rates later this year.

Remarks by Fed Chair Janet Yellen later in the day that a rate increase was on track this year added support for the greenback.