Posts modest gains
RECORDER REVIEW
KARACHI: The rupee managed to post fresh gains in relation to the dollar on the money market during the week, ended on April 1st, 2017.
OPEN MARKET RATES: The rupee rose by 20 paisas against the dollar for buying and selling at Rs 106.10 and Rs 106.30. It also gained Rs 2.10 in terms of the euro for buying and selling at Rs 112.50 and Rs 114.00.
INTER-BANK MARKET RATES: The whole week, the rupee traded within a band of Rs 104.85 and Rs 104.86.
Market sources said that the local currency managed to hold it’s present levels versus the dollar due to balanced demand and supply position.
It is most likely that the rupee may not fluctuate sharply in terms of the dollar in the near future, they said and adding that if exports of textile products show any improvement, the rupee may gain strength versus the greenback.
INTER-BANK MARKET RATES: On Monday, the rupee moved slightly versus the dollar for buying and selling at Rs 104.85 and Rs 104.86. On Tuesday, the rupee did not show any visible change versus the dollar for buying and selling at Rs 104.85 and Rs 104.86. On Wednesday, the rupee was unmoved versus the dollar for buying and selling at Rs 104.85 and Rs 104.86. On Thursday, the rupee was inert in relation to the dollar for buying and selling at Rs 104.85 and Rs 104.86. On Friday, the rupee inched up by one paisa in relation to the dollar for buying and selling at Rs 104.84 and Rs 104.85.
OPEN MARKET RATES: On March 27, the rupee recovered week-end losses against the dollar, picking up 10 paisas for buying and selling at Rs 106.30 and Rs 106.50, they said. It, however, lost 50 paisas in terms of the euro for buying and selling at Rs 114.75 and Rs 116.25. On March 28, the rupee maintained overnight levels against the dollar for buying and selling at Rs 106.30 and Rs 106.50. It, however, gained 15 paisas in terms of the euro for buying and selling at Rs 114.60 and Rs 116.10.On March 29, the rupee also showed no visible change against the dollar for buying and selling at Rs 106.30 and Rs 106.50. It, however, gained 80 paisas in terms of the euro for buying and selling at Rs 113.75 and Rs 115.25.
On March 30, the rupee picked up 10 paisas against the dollar for buying and selling at Rs 106.20 and Rs 106.40. It also rose by 25 paisas in terms of the euro for buying and selling at Rs 113.50 and Rs 115.00. On March 31, the rupee showed no change against the dollar for buying and selling at Rs 106.20 and Rs 106.40, they said. It extended overnight gains, picking up more 45 paisas in terms of the euro for buying and selling at Rs 113.05 and Rs 114.55, they said.
On April 1st, the rupee picked up 10 paisas against the dollar for buying and selling at Rs 106.10 and Rs 106.30. It also gained 55 paisas in terms of the euro for buying and selling at Rs 112.50 and Rs 114.00.
OVERSEAS OUTLOOK FOR DOLALR: In the firs Asian session, the dollar slid to a near two-month low against a basket of currencies early on Monday as concerns mounted about the chances of US fiscal stimulus after the stinging defeat of President Donald Trump’s healthcare package.
The inability to overhaul the US healthcare system, a major election campaign promise of Trump and his allies, marked a significant political setback for the president in a Congress controlled by his own party.
The blow so early in Trump’s term has heightened worries about the chances of economy-boosting steps being enacted, such as tax reforms and big spending packages.
“Concerns towards the Trump administration have been reignited after his healthcare legislation setback. This is resulting in a bout of risk aversion weighing on the dollar,” said Shin Kadota, senior strategist at Barclays in Tokyo.
The dollar index against a basket of major currencies was down 0.3 percent at 99.299 after going as low as 99.292, its lowest since Feb. 2.
The index had risen to a 14-year high near 104.00 early in January when expectations for significant stimulus under the Trump presidency were at their peak. In a sign of stress for Wall Street stocks, US equity index futures fell to a six-week low.
The dollar was down 0.8 percent at 110.470 yen after touching 110.420, its weakest since Nov. 22. The euro was 0.45 percent higher at $1.0847 following a rise to $1.0849, its strongest early December.
The dollar was trading against the Indian rupee at Rs 65.080, the greenback was at 4.410 in terms of the Malaysian ringgit and the US currency was at 6.873 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 79.65-79.65 (previous 79.65-79.65).
In the second Asian session, the dollar limped off multi-month lows against major peers, with much of the lift from the “Trump trade” now gone.
The greenback had taken a beating as market participants saw the prospects for a US fiscal spending boost from President Donald Trump significantly diminished by his failure to pass a key healthcare reform bill.
The dollar was trading against the Indian rupee at 65.035, the greenback was at 4.415 in terms of the Malaysian ringgit and the US currency as at 6.885 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Tuesday: 79.66-79.67 (previous 79.65-79.65).
In the third Asian session, the dollar pulled away from 4-1/2-month lows against a currency basket after solid data backed expectations for more US interest rate hikes this year, while sterling was knocked by Britain triggering its exit from the European Union.
The dollar index, which tracks the greenback against six major rival currencies, edged up slightly to 99.751. It managed to crawl off a low of 98.858 plumbed earlier this week, its weakest level since Nov 11, in the wake of US President Donald Trump’s failed healthcare reform bill.
The healthcare failure reform raised doubts that Trump would be able to carry out his fiscal stimulus and tax cuts, and pressured the dollar to 110.11 yen, its lowest since Nov. 18. It last stood at 111.22 yen, up slightly on the day.
The dollar was trading against the Indian rupee at 64.94, the greenback was at 4.4200 in terms of the Malaysian ringgit and the US currency was at 6.8910 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 79.67-79.67 (previous 79.66-79.67).
The dollar edged up on Friday, poised for weekly gains after solid US economic data contrasted with cooling euro zone inflation, though it was set to book losses in the first quarter amid concerns about the direction of US President Donald Trump’s policies.
The dollar index, which tracks the US currency against a basket of six major rivals, was up 0.2 percent at 100.59, up 1 percent for the week and within a hair of a two-week high of 100.60 hit overnight. It was down 1.6 percent for the first quarter, and 0.5 for the month. The euro nursed losses, flat on the day at $1.0675 and down 1.1 percent for the week. It was up 0.9 percent for March, and 1.5 percent for the quarter.
German and Spanish consumer price data released on Thursday showed inflation slowed more sharply than expected in March as oil prices slumped, offering some respite to the European Central Bank as it faces pressure to wind down its monetary stimulus.
The dollar was trading against the Indian rupee at Rs 64.84, the US currency was at 4.4240 versus the Malaysian ringgit and the greenback was at in relation to the 6.8973 Chinese yuan.
The dollar edged up on Friday, poised for weekly gains after solid US economic data contrasted with cooling euro zone inflation, though it was set to book losses in the first quarter amid concerns about the direction of US President Donald Trump’s policies.
The dollar index, which tracks the US currency against a basket of six major rivals, was up 0.2 percent at 100.59, up 1 percent for the week and within a hair of a two-week high of 100.60 hit overnight. It was down 1.6 percent for the first quarter, and 0.5 for the month.
The euro nursed losses, flat on the day at $1.0675 and down 1.1 percent for the week. It was up 0.9 percent for March, and 1.5 percent for the quarter.
German and Spanish consumer price data released on Thursday showed inflation slowed more sharply than expected in March as oil prices slumped, offering some respite to the European Central Bank as it faces pressure to wind down its monetary stimulus.
The dollar was trading against the Indian rupee at Rs 64.84, the US currency was at 4.4240 versus the Malaysian ringgit and the greenback was at in relation to the 6.8973 Chinese yuan.
In the fourth Asian session, the dollar edged up to a nine-day high against a basket of currencies, with the euro sagging as the European Central Bank showed no sign of stepping away from monetary easing anytime soon.
The US currency was up 0.3 percent at 111.385 yen, putting some distance between the four-month low of 110.110 it plumbed on Monday.
The euro dipped 0.2 percent to $1.0745, having drifted down from a 4-1/2-month high of $1.0906 scaled on Monday.
The common currency had dropped about 0.5 percent overnight following a report by Reuters that European Central Bank (ECB) policymakers were wary of changing their policy message after tweaks this month had raised expectations of the central bank ending its super-easy policy and eventually hiking interest rates.
The euro was boosted earlier in the month by a report that the ECB had discussed the possibility of raising interest rates before the end of its quantitative easing programme. The pound inched up 0.1 percent to $1.2450 following choppy moves the previous day.
The dollar was trading against he Indian rupee at Rs 64.94, the greenback was at 4.4185 against the Malaysian ringgit and the US currency was available at 6.8925 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 79.67-79.68 (previous 79.67-79.67).
At the week-end, the dollar was flat as a Federal Reserve official’s seemingly dovish remarks and uninspiring data on the US economy “squelched” the sanguine mood from earlier this week.
The euro rebounded from a two-week trough, and the dollar fell to its low on the day against the Japanese yen after comments from New York Fed President William Dudley. Seen as one of the most important members of the Fed’s rate-setting committee, Dudley said the central bank was in no rush to tighten monetary policy.
