Two-way trade

RECORDER REVIEW

KARACHI: The rupee managed to recover modestly against the dollar during the week, ended on July 4, 20.15.

In the inter-bank market, the rupee picked up six paisas versus the dollar for buying and selling at Rs 101.74 and Rs 101.76. In the open market, the rupee, however, shed 10 paisas in relation to the dollar for buying and selling at Rs 102.90 and Rs 103.00.

While, the rupee did not move any side in terms of the euro for buying and selling at Rs 113.50 and Rs 114.50.

The rupee moved cautiously against the dollar in the process of trade, money experts said.

In the open market, the rupee tumbled due to slight increase in demand, they said. According to the State Bank of Pakistan (SBP), country’s foreign exchange reserves reached highest level at 18.5 billion dollars. In the meantime, it appeared that the rupee may not fluctuate sharply in terms of the dollar.

INTER-BANK MARKET RATES: On Monday, the rupee picked up three paisas in terms of the dollar for buying and selling at Rs 101.80 and Rs 101.83. On Tuesday, the rupee inched up one-paisa in terms of dollar for buying and selling at Rs 101.79 and Rs 101.81. On Wednesday, the rates were unmoved as banks were closed in observance of bank closing.

On Thursday, the rupee picked four paisas versus the dollar for buying and selling at Rs 101.75 and Rs 101.77. On Friday, the rupee inched up by one paisa in relation to the dollar for buying and selling at Rs 101.74 and Rs 101.76.

OPEN MARKET RATES: On June 29th, the rupee, however, shed its value versus the dollar, shedding 20 paisas for buying at Rs 102.80 and it also fell by Rs 10 to Rs 103.00, the rupee rose by 50 paisas in terms of the euro for buying and selling at Rs 113.50 and Rs 114.50.

On June 30th, the rupee picked up five–paisa versus the dollar for buying and selling at Rs 102.75 and Rs 102.95, however it dropped 70-paisa against the euro for buying and selling at Rs 114.20 and Rs 115.20.

On July first, the rupee drifted lower by five–paisa versus the dollar for buying and selling at Rs 102.80 and Rs 103.00, however, the national currency recovered 45-paisa against the euro for buying and selling at Rs 113.75 and Rs 114.75.

On July 2nd, the rupee, however, lost 10 paisas in relation to the dollar for buying and selling at Rs 102.90 and Rs 103.10. The national currency recovered 25-paisa against the euro for buying and selling at Rs 113.50 and Rs 114.50.

On July 3rd, the rupee, however, shed 10 paisas in terms of the dollar for buying and selling at Rs 103.00 and Rs 103.20, they said. The national currency dropped by 50 paisas against the euro for buying and selling at Rs 114.00 and Rs 115.00.

On July 4th, the rupee recovered 10 paisas in terms of the dollar for buying and selling at Rs 102.90 and Rs 103.10, they said. The national currency also gained 50 paisas versus the euro for buying and selling at Rs 113.50 and Rs 114.50.

OVERSEA OUTLOOK FOR DOLLAR: In the first Asian trade, the euro was off its session lows but still sharply down on the day in Asian trading after Greece failed to strike a deal with its lenders, taking it a step closer to a debt default that could force its exit from the euro zone. The euro fell to a one-month low of $1.0955 on the EBS trading platform, from around $1.1165 late on Friday. It had last recovered to $1.1016, still down about 1.3 percent on the day. The dollar was trading against the Indian rupee at Rs 63.64, the greenback was at 3.7795 in terms of the Malaysian ringgit and the US currency was at 6.2085. Inter bank buy/sell rates for the taka against the dollar on Monday. 77.80-77.81 (previous 77.80-77.80): Call Money Rates: 05.25-6.75 percent (Previous 05.25-06.75 percent).

In the second Asian trade, most emerging Asian currencies rose on Tuesday helped by the dollar’s overnight weakness, but most are set to suffer quarterly losses on expectations of higher US interest rates and concerns over Greece’s endless debt problems.

The Taiwan dollar and the South Korean won led regional daily gains as local exporters bought their currencies for quarter-end settlements.

The dollar was trading against the Indian rupee at Rs 63.76, the greenback was at 3.7840 in terms of the Malaysian ringgit and the US currency was at 6.2067 in relation to the Chinese yuan.

In the third Asian trade, the euro slipped with Greece’s fate still hanging in the balance after it became the first advanced economy to ever be in arrears to the International Monetary Fund.

The common currency eased 0.2 percent to $1.1128, having suffered a 0.8 percent drop on Tuesday. It has been choppy between $1.0955 and $1.1279 this week in reaction to ever-changing developments in Greece.

Against the yen, the euro stood almost flat at 136.38, after having fallen nearly 1 percent on Tuesday.

The dollar was trading against the Indian rupee at Rs 63.65, the greenback was available at 3.7350 in terms of the Malaysian ringgit and the US currency was at 6.201 in relation to the Chinese yuan.

In the fourth Asian trade, the yen dipped in Asian trade on Thursday as the market geared up for a deluge of US data that could back expectations for the Federal Reserve to lift interest rates and briefly steal the spotlight from the Greece’s debt crisis.

The data, from durable goods to non-farm payrolls, will be released later in the global day, with US markers closed on Friday for the July 4 Independence Day. Heralding the key payrolls data, the ADP National Employment Report on Wednesday showed private employers added 237,000 jobs in June, the biggest gain since December and ahead of the 218,000 forecast.

The dollar war trading against the Indian rupee at Rs 63.59, the greenback was at 3.7740 versus the Malaysian ringgit and the US currency was at 6.2047 in terms of the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Thursday. 77.80-77.80 (previous 77.80-77.81): Call Money Rates: 05.25-6.50 percent (Previous 05.25-06.50 percent).

In the final Asian trade, the dollar stuck around the previous session’s levels in Asian trading, as disappointing US employment data and caution ahead of Greece’s referendum on bailout conditions kept the market mood subdued.

Against its Japanese counterpart, the dollar was buying 123.08 yen, nearly flat on the day and up from a session low of 122.81 yen. The greenback was holding well above a five-week low of 121.93 hit on Tuesday. The euro edged up about 0.1 percent to 136.55 yen, and also gained about 0.1 percent against its US counterpart, to $1.1093.

The dollar was trading against the Indian rupee at Rs 63.39, the greenback was at 3.7830 versus the Malaysian ringgit and the US currency was at 6.2056 in terms of the Chinese yuan.

At the week-end, Australian dollar fell sharply to hit a 6-year low against its US counterpart, hurt by disappointing retail sales data in Australia, weak data from the services sector in China and a continued sell-off in the Shanghai stock market.