Slight changes

RECORDER REVIEW

KARACHI: The rupee showed slight changes against the dollar on the money market during the week, ended on March 25, 2017.

In the inter-bank market, the rupee did not show any significant changes in relation to the dollar for buying and selling at Rs 104.85 and Rs 104.86, respectively.

In the open market, the rupee shed 10 paisas versus the dollar for buying and selling at Rs 106.40 and Rs 106.60. It also lost 25 paisas in terms of the euro for buying and selling at Rs 114.25 and Rs 115.75.

According to market sources, comfortable supply of dollars helped the rupee halt sharp losses versus the dollar. Money experts were of the opinion that easy supply of dollars would help rupee to resist sharp losses versus the dollar in the coming days.

As result of major oil payments, country’s foreign exchange reserves dropped to 22 billion dollars on March 17, 2017.

INTER-BANK MARKET RATES: The whole week, the rupee almost traded in relation to the dollar for buying and selling at Rs 104.85 and Rs 104.86.

OPEN MARKET RATES: On March 20, the rupee picked up 20 paisas versus the dollar for buying and selling at Rs 106.30 and Rs 106.50 respectively; however, it lost 25 paisas in terms of the euro for buying and selling at Rs 114.00 and Rs 115.50.

On March 21st, the rupee dropped by 10 paisas versus the dollar for buying and selling at Rs 106.40 and Rs 106.60. It, however, lost 50 paisas in terms of the euro for buying and selling at Rs 114.50 and Rs 116.00.

On March 22nd, the rupee halted further erosion in it’s value versus the dollar for buying and selling at Rs 106.40 and Rs 106.60. It, however, gained 50 paisas in terms of the euro for buying at Rs 114.00 and it also rose by Re one for selling Rs 115.00. On March 23, the rupee-dollar parity rates were unchanged as all banks were closed on account of Pakistan Day 23rd March. On March 24, the rupee was trading in relation to the dollar for buying and selling at Rs 106.40 and Rs 106.60. The national currency was available in terms of the euro for buying and selling at Rs 114.30 and Rs 115.80.

On March 25, the rupee did not move any side in relation to the dollar for buying and selling at Rs 106.40 and Rs 106.60, they said. The national currency shed five paisas in terms of the euro for buying and selling at Rs 114.25 and Rs 115.75.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar slowly ceded ground with greenback bulls still nursing grudges after the Federal Reserve’s rate guidance last week proved to be less “hawkish” than many had wagered on.

There was limited initial reaction to the Group of 20 meeting over the weekend which retained the familiar form of words on currency intervention but dropped a pledge to avoid trade protectionism.

The dollar was trading against the Indian rupee at Rs 65.46, the greenback was at 4.4315 in terms of the Malaysian ringgit and the US currency was at 6.9040 in relation to the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Monday: 79.58-79.60 (previous 79.57-79.57).

In the second Asian trade, the dollar was on the defensive in Asian trading, after Chicago Federal Reserve President Charles Evans reinforced the perception that the US central bank won’t accelerate the pace of its interest rate hikes.

The dollar index, which tracks the greenback against a basket of six major rivals, edged down 0.1 percent to 100.30 after falling as low as 100.02 overnight, its lowest since Feb. 7.

The euro gained 0.1 percent on the day to $1.0754, though it remained shy of last week’s high of $1.0782.

France’s coming two-round election on April 23 and May 7 remained in focus, with nearly 40 percent of voters saying they are undecided about which of five main contenders to back.

The dollar was trading against the Indian rupee at Rs 65.280, the greenback was at 4.427 in terms of the Malaysian ringgit and the US currency was at 6.899 in terms of the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Tuesday: 79.59-79.60 (previous 79.58-79.60).

In the third Asian trade, the dollar struggled near a four-month low against the yen as a bout of investor risk aversion hit US stocks and sent US Treasury yields sharply lower, eroding the greenback’s interest rate allure.

The US currency was off 0.1 percent at 111.670 yen after plumbing 111.430, its lowest since Nov. 28. The dollar also nursed large losses against the euro. On Wednesday, the common currency was a touch weaker at $1.0794 after surging 0.6 percent overnight to $1.0819, its highest since Feb. 2.

The dollar index against a basket of major currencies was little changed at 99.849 after retreating to a 1-1/2-month low of 99.642 overnight.

The dollar was trading against the Indian rupee at Rs 65.458, the US currency was at 4.423 in terms of the Malaysian ringgit and the greenback was available at 6.886 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Wednesday: 79.62-79.63 (previous 79.59-79.60).

In the fourth Asian trade, the dollar edged up from four-month lows against the yen on Thursday, but gains were capped by US President Donald Trump’s struggle to push through a healthcare bill.

The dollar was up 0.15 percent at 111.350 yen, enjoying a bit of respite after sliding to a four-month low of 110.735 on Wednesday, when it fell for the seventh straight session.

With global equities buffeted by risk aversion this week -Wall Street on Tuesday suffered its worst day since Trump’s election-the dollar has struggled notably against the yen, often sought by investors due to its perceived safe-haven status in times of market tumult.

The dollar was trading against the Indian rupee at Rs 65.445, the greenback was at 4.425 in terms of the Malaysian ringgit and the US currency was available at 6.889 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 79.65-79.65 (previous 79.62-79.63). Inter bank buy/sell rates for the taka against the dollar on Thursday: 79.65-79.65 (previous 79.62-79.63).

At the week-end, the dollar hovered around a four-month low against the Japanese yen, ahead of a vote in Washington on new healthcare legislation that some investors view as a litmus test of whether US President Donald Trump will be able to pass fiscal stimulus.