Little changes

RECORDER REVIEW

KARACHI: The rupee, somehow, managed to shed some losses against the dollar on the money market during the week, ended on Nov 11, 2017.

During the whole week, the rupee did not show any major change in relation to the dollar due to easy supply of the US currency, market men said.

In the meantime, some other experts said that the US currency was in demand and likely to move up in the coming days.

OPEN MARKET RATES: The rupee recovered 20 paisas versus the dollar for buying and selling Rs 107.20 and Rs 107.40. The rupee was trading in terms of the euro for buying and selling at Rs 124.60 and Rs 125.85.

INTER-BANK MARKET RATES: The rupee was almost unmoved in terms of the dollar for for buying and selling at Rs 105.40 and Rs 105.42.

Some experts were of the view that the rupee showed no major changes against the dollar amid rising uncertainties on the political front.

There is strong demand for dollars as investors were expecting that the dollar will gain momentum in the near future, they said.

OPEN MARKET RATES: On Monday, the rupee gained 10 paisas versus the dollar for buying and selling at Rs 107.40 and Rs 107.60, they said. The rupee managed to sustain overnight levels in terms of the euro for buying and selling at Rs 124.30 and Rs 125.55.

On Tuesday, the rupee appreciated by 10 paisas versus the dollar for buying and selling at Rs 107.30 and Rs 107.50. The rupee recovered by 50 paisas in terms of the euro for buying and selling at Rs 123.80 and Rs 125.05.

On Wednesday, the rupee gained 10 paisas versus the dollar for buying and selling at Rs 107.20 and Rs 107.40, they said. The rupee, however, shed 20 paisas in terms of the euro for buying and selling at Rs 124.00 and Rs 125.05.

On Thursday, the rupee did not any side versus the dollar for buying and selling at Rs 107.20 and Rs 107.40. The rupee, however, lost 60 paisas in terms of the euro for buying and selling at Rs 124.60 and Rs 125.85.

On Friday, the rupee was firm in relation to the dollar for buying and selling at Rs 107.20 and Rs 107.40. The rupee was trading versus the euro for buying and selling at Rs 124.60 and Rs 125.85.

On Saturday, the rupee did not move any side versus the dollar for buying and selling at Rs 107.20 and Rs 107.40. The rupee was trading in terms of the euro for buying and selling at Rs 124.60 and Rs 125.85, they said.

INTER-BANK MARKET RATES: On Nov 6, the rupee shed five paisas in relation to the dollar for buying and selling at Rs 105.44 and Rs 105.45. On Nov 7, the rupee firmly held it’s overnight levels in relation to the dollar for buying and selling at Rs 105.44 and Rs 105.45. On Nov 8, the rupee did not move any side in relation to the dollar for buying and selling at Rs 105.44 and Rs 105.45.

On Nov 9, the rupee for the second day firmly held it’s last levels in relation to the dollar for buying and selling at Rs 105.44 and Rs 105.45. On Nov 11, the rupee gained four paisas in terms of the dollar for buying and selling at Rs 105.40 and Rs 105.42.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar touched its highest level in nearly eight months versus the yen supported by expectations for continued monetary policy divergence between the Federal Reserve and the Bank of Japan.

The dollar rose to as high as 114.735 yen at one point, its highest since mid-March, its rise having gained added steam after breaching technical resistance at levels near 114.50 yen.

Later, the dollar pared some of its gains and was trading at 114.35 yen, up 0.3 percent on the day.

The dollar was trading against the Indian rupee at Rs 64.73, the greenback was at 4.240 in terms of the Malaysian ringgit and the US currency was at 6.634 in relation the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 80.92-80.92 (previous 80.90-80.90).

In the second Asian trade, the dollar sagged, knocked away from an eight-month high versus the yen down as Treasury yields slipped on uncertainty over whether the Republicans can pass their tax bill in a timely manner.

The Australian dollar held steady, showing little response to the Reserve Bank of Australia’s (RBA) well-anticipated decision to stand pat on monetary policy.

The dollar index against a basket of six major currencies was a shade lower at 94.729, slipping slightly from a 10-day peak of 95.077 reached on Monday.

Against the yen, the dollar nudged up 0.15 percent to 113.870 yen, but still some distance from 114.735 struck the previous day, its highest since mid-March.

The euro was steady at $1.1613 following its descent to a 10-day trough of $1.1580 overnight. The greenback had been solid after strong US services and factory data issued before the weekend backed expectations for the Federal Reserve to raise interest rates next month and tighten further in 2018. But the currency sagged as such expectations failed to lift Treasury yields. The benchmark 10-year yield has slipped steadily towards 2.30 percent after peaking at a seven-month high of 2.47 percent in late October.

The dollar was trading against the Indian rupee at Rs 64.79, the greenback was at 4.226 in terms of the Malaysian ringgit and the US currency was available at 6.624 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 80.94-80.95 (previous 80.92-80.92).

In the third Asian trade, the dollar slipped broadly on Wednesday, hurt by a media report that suggested the implementation of a centrepiece corporate tax cut under discussion in US tax reforms plans could be delayed.

The Washington Post, citing unidentified sources, reported on Tuesday that Senate Republican leaders are considering a one-year delay in the implementation of a major corporate tax cut to comply with Senate rules.

The dollar was down 0.2 percent at 113.800 yen, falling away from an eight-month high of 114.735 touched on Monday.

The euro rose 0.1 percent to $1.1597, bouncing modestly from a three-month low of $1.1553 plumbed overnight.

The common currency has slipped steadily over the past few weeks, pressured by the divergence in the monetary policies of the European Central Bank and the Federal Reserve.

The dollar index against a basket of six currencies dipped 0.1 percent to 94.844 as US Treasury yields continued to decline.

The dollar was trading against the Indian rupee at Rs 65.06, the greenback was at 4.227 versus the Malaysian ringgit and the US currency was available at 6.636 in terms of the Chinese yuan.

Inter bank buy/sell rates for the taka against the dollar on Wednesday: 80.95-81.00 (previous 80.94-80.95.

The dollar held steady versus a basket of currencies on Thursday, but its near-term outlook was seen clouded by worries over possible delays to US President Donald Trump’s tax reform plans.

The dollar last stood at 94.903 versus a basket of six major currencies, staying below a three-month high of 95.150 set in late October.

The dollar was available against the Indian rupee at Rs 64.87, the greenback was at 4.227 in terms of the Malaysian ringgit and the US currency was 6.631 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 81.00-81.00 (previous 80.95-81.00).

In the final Asian trade, the dollar licked its wounds on Friday, on track for weekly losses after it dropped on disappointment with a tax bill put forth by US Senate Republicans that would delay expected corporate tax cuts.

The dollar index, which gauges the greenback against a basket of six major rivals, inched up 0.1 percent to 94.493 after skidding 0.36 percent in the previous session. It was down 0.5 percent for the week.

The dollar was available against the Indian rupee at Rs 65.053, the greenback was at 4.192 in terms of the Malaysian ringgit and the US currency was 6.637 in relation to the Chinese yuan.

In the last NY trading session, the dollar slipped against a basket of currencies on Friday and was set for its biggest weekly drop in a month as investor disappointment that implementation of part of a planned big US tax overhaul may be delayed until 2019 put a brake on the currency’s recent rally.

The dollar index, which tracks the greenback against six major currencies, was down 0.08 percent at 94.37. For the week, the index was down 0.6 percent, on pace for its worst performance since the week ending Oct. 13.

The greenback has also lost 0.5 percent against the Japanese yen this week. US Senate Republicans unveiled a tax plan on Thursday that differed from the House of Representatives’ version on several fronts, including deductions for state and local taxes, and the estate tax.

Complicating a Republican push for the tax revamp, senators said that, like the House, they wanted to slash the corporate tax rate to 20 percent from 35 percent, but in 2019 rather than right away.