Bulls dominate

RECORDER REVIEW

KARACHI: The rupee moved cautiously against the dollar amid shortened week due to Eid-ul-Fitr holidays, ended on July 25, 2015.

In the inter-bank market, the rupee picked up three paisas versus the dollar for buying and selling at Rs 101.84 and the national currency rose by five paisas for selling at Rs 101.85.

In the open market, the rupee gained 20 paisas versus the dollar for buying and selling at Rs 102.95 and Rs 103.00. The rupee, however, shed 25 paisas in relation to the euro for buying and selling at Rs 112.00 and Rs 113.00.

According to the reports, the country’s foreign exchange reserves stood at 18.68 billion dollars, which indicating that supply of dollars may improve and help the rupee to stabilise in times to come.

State Bank of Pakistan (SBP) on Saturday decided to keep the SBP policy rate unchanged at 6.5 percent in the light of macroeconomic indicators.

Analysts said that this move by the SBP may help in reviving the business activity in the country.

INTER-BANK MARKET RATES: On Wednesday, the rupee drifted lower against the dollar for buying and selling at Rs 101.87 and Rs 101.90. On Thursday, the rupee drifted lower against the dollar for buying and selling at Rs 101.87 and Rs 101.90. On Friday, the rupee shed two paisas versus the dollar for buying and selling at Rs 101.84 and Rs 101.85.

OPEN MARKET RATES: On July 22, the rupee, however, gained 10 paisas in relation to the dollar for buying and selling at Rs 103.15 and Rs 103.40. While, the national shed 15 paisas in relation to the euro for buying and selling at Rs 111.75 and Rs 112.75.

On July 23, the rupee, however, gained 10 paisas in relation to the dollar for buying and selling at Rs 103.15 and Rs 103.40. While, the national shed 15 paisas in relation to the euro for buying and selling at Rs 111.75 and Rs 112.75.

On July 24, the rupee did not move any side in relation to the dollar for buying at Rs 103.00 while it inched up by five paisas for selling at Rs 103.20, they said. The national currency gained 70 paisas versus the euro for buying and selling at Rs 111.50 and Rs 112.50.

On July 25, the rupee inched up by five paisas in relation to the dollar for buying at Rs 102.95 and Rs 103.00. The national currency, however, lost 50 paisas in terms of the euro for buying and selling at Rs 112.00 and Rs 113.00.

OVERSEAS MARKET OUTLOOK: In the first Asian trade, the dollar hit a three-month high against a basket of major currencies on Monday, after solid US inflation and housing data supported expectations for the Federal Reserve to raise interest rates in coming months.

The greenback is coming off its best weekly performance in about two months, having risen last week after Fed Chair Janet Yellen reiterated that US interest rates will probably be lifted later in the year.

The dollar gained further support from data on Friday that showed US consumer prices rose for a fifth straight month in June, while housing starts jumped and building permits surged to an eight-year high.

The dollar was trading against the Indian rupee at Rs 63.54, the greenback was at 3.8060 versus the Malaysian ringgit and the US currency was at 6.209 in relation to the Chinese yuan.

In the second Asian trade, the dollar hovered near five-week highs versus the yen after a top Federal Reserve official added to expectations that US interest rates could be raised as early as September.

The dollar index was little changed at 98.036 and near a three-month high of 98.147 scaled overnight. The greenback received a boost after St. Louis Fed President James Bullard told the Fox Business network on Monday that the central

In the third Asian trade, the dollar held steady versus a basket of major currencies on Wednesday, nursing losses suffered the previous day in its biggest one-day fall so far this month.

In part the dollar was a victim of its own success, having climbed for most of the past four weeks to provide bulls with tempting profits.

The dollar was trading at Rs 63.56 against the Indian rupee, the greenback was available at 3.7870 in terms of the Malaysian ringgit and the US currency was at 6.209 versus 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: 05.25-6.50 percent (Previous 05.25-06.50 percent).

The dollar was trading against the Indian rupee at Rs 63.64, the US currency was available at 3.8060 versus the Malaysian ringgit and the Greenback was at 6.2096 in terms of the Chinese yuan.

In the fourth Asian trade, the dollar crawled off one-week lows against the yen, while the New Zealand dollar stole the Asian spotlight and rallied after the central bank there made a smaller cut to interest rates than some investors had expected.

The kiwi dollar climbed to a peak of $0.6654, from $0.6570 before the central bank rate policy decision, and was last up 0.8 percent on the day at $0.6628, moving away from a six-year low of $0.6498 plumbed on July 14.

In the final Asian trade, the euro hovered near one-week highs against the dollar early as relief from Greece taking another step towards a bailout prompted bouts of short-covering, while lower US debt yields put the greenback on the defensive versus the yen.

The euro stood steady at $1.0986 and within close range of a one-week high of $1.1018 struck overnight. The common currency was lifted after the Greek parliament approved a second set of reforms required to start negotiations with lenders in a bid to avoid bankruptcy.

The dollar was trading against the Indian rupee at Rs 63.96, the greenback was available at 3.8060 versus the Malaysian ringgit and the US currency was at 6.209 in terms of the Chinese yuan. At the weekend, the US dollar edged up against most other major currencies on data pointing to sluggish overseas economic growth, while the Australian dollar sagged to a six-year low after a Chinese manufacturing gauge fell to its weakest in 15 months.

Recent US economic figures have supported the notion that the Federal Reserve sees the economy as strong enough for it to end its near-zero interest rate policy as early as September, an action that dollar bulls have betting on since last year.