Minor changes

RECORDER REVIEW

KARACHI: The moved cautiously against the dollar on the money market during the week, ended on Oct 22, 2016.

In the inter-bank market, the rupee shed two paisas in relation to the dollar for buying and selling at

In the open market, the rupee fell marginally against the dollar for buying and selling at Rs 105.50 and Rs 105.70. The rupee gained 75 paisas in terms of the euro for buying at Rs 115.00 and it also picked up Rs 1.25 for selling at Rs 116.00.

Some money experts said that inflows of dollar was easy to meet demand, this factor helped the rupee to hold it’s present levels versus the greenback. Besides, they observed that persistent instability in the country failed to achieve textile and non-textile exports targets.

Political instability and taxes on real estate transactions have hurt inflows from Britain and other European countries, other analysts said..

INTER-BANK MARKET RATES: On Monday, the rupee shed four paisas against the dollar for buying and selling at Rs 104.78 and Rs 104.80. On Tuesday, the rupee inched up by two paisas against the dollar for buying and selling at Rs 104.76 and Rs 104.77. On Wednesday, the rupee posted fresh gain of seven paisas against the dollar for buying and selling at Rs 104.68 and Rs 104.70, they said.

On Thursday, the rupee failed to sustain overnight firmness, giving up seven paisas against the dollar for buying and selling at Rs 104.75 and Rs 104.77. On Friday, the rupee dropped by five paisas against the dollar for buying and selling at Rs 104.80 and Rs 104.82.

OPEN MARKET RATES: On Oct 17, the rupee also lost 15 paisas in relation to the dollar for buying and selling at Rs 105.40 and Rs 105.60. The rupee also fell in terms of the euro, shedding 45 paisas for buying and selling at Rs 115.75 and 117.25.

On Oct 18, the rupee, however, shed 10 paisas in relation to the dollar for buying and selling at Rs 105.50 and Rs 105.70. The rupee also dropped by 25 paisas in terms of the euro for buying and selling at Rs 116.00 and 117.50.

On Oct 19, the rupee shrugged of overnight weakness, recovering 10 paisas in relation to the dollar for buying and selling at Rs 105.40 and Rs 105.60, they said. The rupee also picked up 70 paisas in terms of the euro for buying and selling at Rs 115.30 and 116.30.

On Oct 20, the rupee managed to keep overnight levels in relation to the dollar for buying and selling at Rs 105.40 and Rs 105.60. The rupee, however, shed 30 paisas in terms of the euro for buying at Rs 115.60 and it lost 80 paisa for selling at 117.10.

On Oct 21, the rupee followed same pattern in relation to the dollar, giving up 10 paisas for buying and selling at Rs 105.50 and Rs 105.70, they said.

The rupee, however, picked up 60 paisas in terms of the euro for buying at Rs 115.00 and it posted sharp gain Rs 1.10 for selling at 116.00, they said.

On Oct 22, the rupee was unchanged against the dollar for buying and selling at Rs 105.50 and Rs 105.70. The rupee was also unmoved in terms of the euro for buying and selling at Rs 115.00 and 116.00.

WORLD VALUE OF DOLLAR: In the first Asian trade, the dollar inched up to a seven-month high against a basket of currencies, retaining some of the momentum from upbeat US data released the previous session that reinforced expectations for a December interest rate hike by the Federal Reserve. The dollar index was up 0.1 percent at 98.l22 after touching 98.158, its highest since March 10.

The US currency was steady at 104.110 yen after gaining 0.4 percent on Friday. The euro hovered close to a near three-month low of $1.0965 plumbed earlier on Monday.

The dollar was trading against the Indian rupee at Rs 66.86, the greenback was at 4.2175 in terms of the Malaysian ringgit and the US currency was at 6.7335 in relation to 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 dollar took a breather from its recent gains, edging away from seven-month highs against a currency basket as investors took stock of US interest rate expectations in coming months. The dollar index, which tracks the greenback against six major rivals, slipped 0.2 percent to 97.711, after rising as high as 98.169 in the previous session, its highest since March 10.

The dollar was available against the Indian rupee at Rs 66.75, the greenback was trading versus the Malaysian ringgit at 4.2035 and the US currency was at 6.7400 versus 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, the dollar stepped back from a seven-month high against an index of currencies on Wednesday after US consumer prices showed a moderation in underlying inflation, prompting markets to trim bets on a December Federal Reserve rate hike. The US dollar’s index against a basket of six major currencies stood at 97.846, off Monday’s seven-month high of 98.169.

The dollar was trading against the Indian rupee at Rs 66.72, the greenback was available at 4.1890 in terms of the Malaysian ringgit and the US currency was at 6.7395 versus the Chinese yuan.

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

In the fourth Asian trade, the euro stood near a three-month low ahead of a European Central Bank meeting later on Thursday, while the Mexican peso rose to a six-week high after the conclusion of the final US presidential debate before the November election.

The euro eased 0.1 percent to $1.0969, not far from Wednesday’s near three-month low of $1.0955. The main focus for investors is whether or not ECB President Mario Draghi will give any indications that the bank is poised to taper its bond purchase programme.

The ECB may defer until December any changes to its asset purchase, sources familiar with the discussion said last week.

The dollar was trading against the Indian rupee at Rs 66.73, the greenback was at 4.1770 versus the Malaysian ringgit and the US currency was available at 6.7398 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 dollar stood tall in Asian trading on Friday, on track for a weekly gain against a basket of currencies, as the euro wallowed at seven-month lows after the European Central Bank doused speculation that it would taper its stimulus.

The dollar index, which gauges the greenback against six major rivals, was up 0.2 percent at 98.476, up 0.5 percent for the week and near a session high of 98.564, its loftiest peak since March 10.

The euro slipped 0.2 percent to $1.0907, poised to shed 0.6 percent for the week after plumbing $1.0891 earlier on Friday, its lowest since March 10.

The dollar was trading against the Indian rupee at Rs 66.87, the greenback was at 4.1900 in terms of the Malaysian ringgit and the US currency was at 6.7566 in relation to the Chinese yuan.

At the weekend, the dollar stood tall in Asian trading, on track for a weekly gain against a basket of currencies, as the euro wallowed at seven-month lows after the European Central Bank doused speculation that it would taper its stimulus. The dollar index, which gauges the greenback against six major rivals, was up 0.2 percent at 98.476, up 0.5 percent for the week and near a session high of 98.564, its loftiest peak since March 10.

The euro slipped 0.2 percent to $1.0907, poised to shed 0.6 percent for the week after plumbing $1.0891 earlier on Friday, its lowest since March 10.