Firm trend

RECORDER REVIEW

KARACHI: The rupee managed to sustain last levels against the dollar on the money market during the week, ended on 1st Aug, 2015.

In the inter-bank market, the rupee gained five paisas against the dollar for buying and selling at Rs 101.78 and Rs 101.79.

In the open market, the rupee recovered 20 paisas versus the dollar for buying and selling at Rs 102.80 and Rs 103.00. The rupee picked up 50 paisas against the euro for buying and selling at Rs 112.10 and Rs 113.10. The rupee appreciated against the dollar on the back of easy supply of dollar. It is expected that the rupee may not fluctuate sharply versus the dollar in times to come.

INTER-BANK MARKET RATES: On Monday, the rupee inched up by one paisa in terms of the dollar for buying and selling at Rs 101.83 and Rs 101.84. On Tuesday, the rupee depicted no changes against the dollar for buying and selling at Rs 101.83 and Rs 101.84.

On Wednesday: the rose by one paisa against the dollar for buying and selling at Rs 101.82 and Rs 101.83.

On Thursday, the rupee gained three paisas in terms of the dollar for buying and selling at Rs 101.79 and Rs 101.80. On Friday, the rupee inched up by on paisa against the dollar for buying and selling at Rs 101.78 and Rs 101.79.

OPEN MARKET RATES: On July 27, the rupee shed five paisas against the dollar for buying at Rs 103.00 while it lost 20 paisas for selling at Rs 103.20. The national currency, however, fell by 60 paisas in terms of the euro for buying and selling at Rs 112.60 and Rs 113.60. On July 28, the recovered 20 paisas against the dollar for buying and selling at Rs 102.80 Rs 103.00. The national currency also gained 40 paisas in terms of the euro for buying and selling at Rs 112.20 and Rs 113.20. On July 29, the rupee picked up 10 paisas in terms of the dollar for buying and selling at Rs 101.79 and Rs 101.80. The rupee shed 10 paisas versus the euro for buying and selling at Rs 112.30 and Rs 113.30. On July 30, the rupee fell by 10 paisas in terms of the dollar for buying and selling at Rs 102.80 and Rs 103.00. The rupee gained 30 paisas versus the euro for buying and selling at Rs 111.80 and Rs 112.80.

On July 31, the rupee sustained overnight levels against the dollar. The rupee shed 20 paisas in relation to the euro for buying and selling at Rs 112.00 and Rs 113.00. On Aug 1st, the rupee managed to hold the overnight levels against the dollar for the second day at Rs 102.80 and Rs 103.00. The national currency, however, shed 10 paisas in terms of the euro for buying and selling at Rs 112.10 and Rs 113.10.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar flagged against the euro and yen after a drop in US shares and bond yields dimmed its allure, with markets focused on whether the upcoming Federal Reserve policy meeting can shore up the greenback. The euro rose 0.2 percent to $1.1000, having gained about 1.4 percent last week.

In the second Asian trade, the dollar firmed as cautious investors covered short positions ahead of the start of a two-day US Federal Reserve meeting and as a continued slump in Chinese equity markets sapped appetite for riskier assets.

The dollar was trading against the Indian rupee at Rs 64.04, the greenback was at 3.8130 in terms of the Malaysian ringgit and the US currency was at 6.2095 against 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: 05.30-6.50 percent (Previous 05.25-06.50 percent).

In the fourth Asian session, the dollar firmed to a near one-week high ahead of US gross domestic product data that could reinforce expectations that the Federal Reserve is on track to raise interest rates as early as September.

At the week-end, the dollar fell against a basket of currencies, ending a decent month on a sour note as a record-low rise in US employment costs in the second quarter dialled back bets the Federal Reserve would raise interest rates later this year.

The euro rebounded strongly against the greenback following Thursday’s losses in the wake of encouraging inflation data in the euro zone.