Slight changes

RECORDER REVIEW

KARACHI: The rupee fluctuated slightly against the dollar on the currency market during the week, ended on May 30, 2016.

INTER-BANK MARKET RATES: The rupee slipped by three paisas in relation to the dollar for buying and selling at Rs 104.80 and Rs 104.82

OPEN MARKT RATES: The rupee, however, picked up by five in terms of the dollar for buying and selling at Rs 105.00 and Rs 105.20, they said. The rupee lost Rs 1.75 in relation to the euro for buying and selling at Rs 119.75 and Rs 120.75, they added.

Commenting on the current direction in the market, some experts said that the rupee is likely to show marginal changed in the coming days. They attributed the slight change in the value of the rupee to easy flows of dollars.

According to the State Bank of Pakistan (SBP), the country’s reserves reached at 20.8 billion dollars.

INTER-BANK MARKET RATES: On Monday, the rupee shed two paisas in relation to the dollar for buying and selling at Rs 104.77 and Rs 104.79. On Tuesday, the rupee slipped by four paisas in relation to the dollar for buying and selling at Rs 104.81 and Rs 104.83.

On Wednesday, the rupee shed three paisas in relation to the dollar for buying and selling at Rs 104.84 and Rs 104.85.

On Thursday, the rupee did not any side in terms of dollar for buying and selling at Rs 104.84 and Rs 104.85. On Friday, the rupee picked up three paisas versus the dollar for buying and selling at Rs 104.80 and Rs 104.82.

OPEN MARKET RATES: On April 25, the rupee picked up five versus the dollar for buying and selling at Rs 105.05 and Rs 105.25. The rupee, however, lost 25 paisas in relation to the euro for buying and selling at Rs 118.00 and Rs 119.00.

On April 26, the rupee gained five paisas versus the dollar for buying and selling at Rs 105.00 and Rs 105.20 respectively, but it lost 50 paisas in terms of the euro for buying and selling at Rs 118.50 and 119.50.

On April 27, the rupee did not budge any side versus the dollar for buying and selling at Rs 105.10 and Rs 105.30. The rupee shed 15 paisas in relation to the euro for buying and selling at Rs 117.75 and Rs 118.75.

On April 28, the rupee was also unmoved in terms of the dollar for buying and selling at Rs 105.00 and Rs 105.20. The rupee also lost 20 paisas in relation to the euro for buying and selling at Rs 118.70. On April 29, the rupee remained firm in terms of the dollar for buying and selling at Rs 105.00 and Rs 105.20, they said. The rupee continued fall in relation to the euro, shedding 40 paisas for buying and selling at Rs 119.10 and Rs 120.10.

On April 30, the rupee stayed put in terms of the dollar for buying and selling at Rs 105.00 and Rs 105.20. The rupee continued slide in relation to the euro, losing 65 paisas for buying and selling at Rs 119.75 and Rs 120.75.

OVERSEAS MARKET OUTLOOK: In the first Asian trade, the yen hit a three-week low on Monday on expectations the Bank of Japan could start lending to banks at negative rates, while sterling hit a five-week high in reaction to President Barack Obama urging Britons to stay in the European Union.

The yen fell to as low as 111.90 in early trade, its lowest level in more than three weeks but Japanese exporters quickly jumped on it to buy the currency, pushing it back to 111.17, up 0.6 percent from late US levels on Friday.

The dollar was trading against the Indian rupee at Rs 66.68, the US currency was at 3.9100 versus the Malaysian ringgit and the greenback was at 6.5055 in terms of the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Monday: 78.40-78.40 (previous 78.40-78.40.

In the second Asian trade, the yen found a steadier footing early on Tuesday, having crept up from multi-week troughs against the dollar and euro as investors adjusted positions ahead of the Bank of Japan policy review. Speculation of further easing sent the yen reeling late last week, but uncertainty over whether the BOJ will actually deliver fresh stimulus at its April 27-28 meeting saw the Japanese currency recover some ground on Monday.

The dollar stood at 111.18 yen, having recoiled from a three-week high of 111.90. The euro fetched 125.38 yen, off a three-week peak of 125.525.

The dollar was trading against the Indian rupee at Rs 66.77, the greenback was at 3.9350 versus the Malaysian ringgit and the US currency was at 6.4945 against the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Tuesday: 78.40-78.40 (previous 78.40-78.40).

In the third Asian trade, emerging Asian currencies took a breather on Wednesday as investors braced for monetary policy decisions by US and Japanese central banks.

Most regional units started the session firmer as weak US economic data spurred some expectations that Federal Reserve policymakers would avoid sending too strong a signal on chances for interest rates rising soon when their policy meeting ends later in the global day.

The dollar was trading against the Indian rupee at Rs 66.54, the greenback was at 3.9270 versus the Malaysian ringgit and the US currency was at 6.4895 against the Chinese yuan.

In the fourth Asian trade, the yen soared against the dollar and euro after the Bank of Japan announced that it will keep monetary policy steady. The dollar was down two percent at 109.22, while the euro also shed two percent to 123.72.

The dollar had soared to almost 112 yen at the start of the week on speculation that the BOJ might ramp up its already extensive easing scheme.

The dollar was available against the Indian rupee at Rs 66.42, the greenback was at 3.8950 versus the Malaysian ringgit and the US currency was at 6.4880 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 78.40-78.40 (previous 78.40-78.40).

In the final Asian trade, the yen set an 18-month high against the dollar, staying on firm in the wake of the Bank of Japan’s decision the previous day to hold off from expanding its monetary stimulus.

The dollar slid to as low as 107.075 yen, the greenback’s weakest level since October 2014. The dollar was last trading at 107.37 yen, down 0.7 percent on the day, following on from a 3.0 percent fall on Thursday.

The dollar’s drop gained momentum after it breached a low of 107.63 yen set earlier in April. Momentum and technicals probably played a part in exaggerating moves, traders said.

The dollar was trading against the Indian rupee at Rs 66.50, the US currency was at 3.9050 versus the Malaysian ringgit and the greenback was at 6.4755 in relation to the Chinese yuan.

At the week-end, the US dollar was on track for its biggest weekly percentage decline against the yen since the 2008 financial crisis in the aftermath of the Bank of Japan’s decision not to ease policy further, while strong euro zone growth data boosted the euro.

The dollar was last down 1.27 percent against the yen at 106.71 yen on Friday, near an 18-month low of 106.67 touched earlier in the US session. The greenback was down about 4.5 percent against the yen for the week, putting it on track for its biggest weekly loss since October 2008.

The dollar also tumbled against the euro, with the euro hitting its highest against the dollar in two and a half weeks, at $1.1459. The euro was last up 0.86 percent against the dollar at $1.1449.