Stable trend

RECORDER REVIEW

KARACHI: The rupee recovered some grounds against the dollar on the money market during the week, ended on August 5, 2017.

OPEN MARKET RATES: The rupee gained 70 paisas in relation to the dollar for buying and selling at Rs 106.60 and Rs 106.80. The rupee depicted no change in relation to the euro for buying at Rs 125.00 while it picked up sharply for selling at Rs 128.00.

INTER-BANK MARKET RATES: The rupee almost traded within a band of Rs 105.38 and Rs 105.40, mainly because of balanced demand and supply position.

OPEN MARKET RATES: On Monday, the rupee managed to recover 20 paisas against the dollar for buying at Rs 107.30 and it also gained 50 paisas for selling at Rs 107.50.

The rupee appreciated by 60 paisas in relation to the euro for buying and selling at Rs 125.00 and Rs 126.00. On Tuesday, the rupee did not move any side in terms of the dollar for buying and selling at Rs 107.30 and Rs 107.50. The rupee drifted lower versus the euro, losing 80 paisas in relation to the euro for buying and selling at Rs 125.80 and Rs 126.80. On Wednesday, the rupee posted fresh gains of 10 paisas in terms of the dollar for buying and selling at Rs 107.20 and Rs 107.40. The rupee was unchanged in relation to the euro for buying and selling at Rs 125.80 and Rs 126.80.

On Thursday, the rupee appreciated by 40 paisas in terms of the dollar for buying and selling at Rs 106.80 and Rs 107.00.

The rupee inched up by five paisas in relation to the euro for buying and selling at Rs 125.75 and Rs 126.75. On Friday, the rupee maintained overnight surge, gaining 10 paisas in terms of the dollar for buying and selling at Rs 106.70 and Rs 106.90. The rupee, however, lost 35 paisas in relation to the euro for buying and selling at Rs 126.10 and Rs 127.10.

On Saturday, the rupee showed further gains versus the dollar, picking up 10 paisas for buying and selling at Rs 106.60 and Rs 106.80. The rupee also went up sharply in relation to the euro, gaining Rs 1.10 for buying and selling at Rs 125.00 and Rs 128.00.

INTER-BANK MARKET RATES: The rupee almost traded in terms of the dollar for buying and selling at Rs 105.39 and Rs 105.40.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar struggled, wallowing near a 2-1/2-year low against the euro, weighed down by US political uncertainty and uninspiring US data that added to doubts about whether there will be another Federal Reserve rate hike this year.

The euro was a shade lower at $1.1732 but remained in striking distance of $1.1777, its strongest level since January 2015 set on Thursday.

The dollar was trading against the Indian rupee at 64.080, the US currency was available at 4.277 versus the Malaysian ringgit and the greenback was at 4.2795 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 80.65-80.66 (previous 80.65-80.66).

In the second Asian trade, the dollar skidded to a six-week low versus the yen, its outlook clouded by US political turmoil and doubts over whether there will be another Federal Reserve rate hike this year.

The dollar was trading against the Indian rupee at Rs 64.135, the greenback was at 4.276 in terms of the Malaysian ringgit and the US currency was at 6.719 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 80.66-80.68 (previous 80.65-80.66). OPEN MARKET

In the third Asian trade, the dollar extended its modest bounce from 15-month lows on Wednesday, benefiting from a pause in selling of the battered currency as investors begin positioning for key events this week, notably Friday’s US employment report.

The dollar index against a basket of major currencies shook off a decline in Treasury yields and was a shade higher at 93.090 after bouncing from 92.777, its lowest since May 2016.

The euro was unchanged at $1.1806 after being nudged away from a 2-1/2-year peak of $1.1846 set the previous day.

The euro has gained about 12 percent against the dollar so far this year.

The dollar was trading against the Indian rupee at Rs 64.105, the greenback was at 4.287 in terms of the Malaysian ringgit and the US currency was at 6.726 versus the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Wednesday: 80.67-80.68 (previous 80.66-80.68).

In the fourth Asian trade, the dollar inched away from a 15-month low versus a basket of currencies, but was still looking wobbly due to doubts about whether there will be another US interest rate rise this year.

The dollar index, which measures the greenback’s value against a basket of six major currencies, rose about 0.1 percent to 92.940. On Wednesday, it slid to 92.548, its weakest level since May 2016.

The euro eased 0.1 percent to $1.1847, backing away from a 2-1/2-year high of $1.19105 set on Wednesday-the common currency’s highest level since January 2015.

The dollar was trading against the Indian rupee at Rs 63.573, the greenback was available at 4.284 and the US currency was at 6.727 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 80.68-80.68 (previous 80.67-80.68).

In the final Asian trade, the dollar struggled near a 2-1/2-year low against the euro and a seven-week trough versus the yen in the later in the session for potential relief.

The euro added 0.1 percent to $1.1878 and in striking distance of $1.1910, its highest since January 2015 scaled midweek.

The dollar was steady at 110.005 yen after touching 109.855 overnight, its lowest since mid-June.

The dollar was trading against the Indian rupee at Rs 63.660, the US currency was available versus the Malaysian ringgit at 4.275 and the greenback was at 6.719 in terms of the Chinese yuan.

At the week-end, the US dollar was set for its biggest one-day gain against a basket of major currencies so far this year after a strong US July payrolls report and comments from National Economic Council director Gary Cohn about lowering the US corporate tax rate.

The dollar index, which measures the greenback against six major rivals, jumped about 1 percent to a one-week high of 93.774 after the Labour Department said non-farm payrolls increased by 209,000 jobs last month and Cohn’s comments. It was last up 0.7 percent at 93.529.

Cohn told Bloomberg TV on Friday that the 35 percent US corporate tax rate should be more in line with the 24 percent average rate among other countries in the Organization for Economic Cooperation and Development.