RECORDER REVIEW
KARACHI: The rupee managed to resist sharp depreciation against the dollar on the money market during the week, ended on April 14, 2018.
In the open market, the rupee drifted lower in terms of the rupee shedding 20 paisas for buying and selling at Rs 116.50 and Rs 116.80, they said. The rupee, however, gained 75 paisas versus the euro for buying and selling at Rs 142.75 and Rs 144.25.
In the inter-bank market, the rupee held the present levels in relation to the dollar for buying and selling at Rs 115.60 and Rs 115.62.
Commenting on the minor changes in the value of the rupee, marketmen said that dollars’ improved supply supported the rupee to retain it’s levels during the week.
If the supply of dollars improves, the rupee may be able to recover more ground in the coming days, they observed.
The rupee moved slightly against the dollar on the money market on Monday in process of trading, money experts said.
OPEN MARKET RATES: On Monday, the rupee was almost unchanged against the dollar for buying and selling at Rs 116.20 and Rs 116.60. The rupee, however, lost sharply versus the euro, losing 50 paisas for buying and selling at Rs 142.00 and Rs 143.30.
On Tuesday, the rupee appreciated by 10 paisas against the dollar for buying and selling at Rs 116.10 and Rs 116.50, they said. The rupee, however, extended overnight slide versus the euro for buying and selling at Rs 142.75 and Rs 144.25, they added. On Wednesday, the rupee did not move any side against the dollar for buying and selling at Rs 116.10 and Rs 116.50 respectively, while the rupee lost 25 paisas in relation to the euro for buying and selling at Rs 143.00 and Rs 144.50.
On Thursday, the rupee dropped by 20 paisas in relation to the greenback for buying and selling at Rs 116.30 and Rs 116.70 respectively, however, it gained 60 paisas versus the euro for buying and selling at Rs 142.60 and Rs 144.40 respectively.
On Friday, the rupee depreciated by 30 paisas against the dollar for buying at Rs 116.60 and it also shed 20 paisas for selling at Rs 116.90. The rupee, however, gained 20 paisas versus the euro for buying and selling at Rs 142.80 and Rs 144.30.
On Saturday, the rupee recovered 10 paisas against the dollar for buying and selling at Rs 116.50 and Rs 116.80, they said. The rupee also managed to pick-up five paisas versus the euro for buying and selling at Rs 142.75 and Rs 144.25, they added.
INTER-BANK MARKET RATES: On April 09, the rupee shed two paisas in terms of the dollar for buying and selling at Rs 115.60 and Rs 115.62, they said. On April, 10, the rupee moved with little change in terms of the dollar for buying and selling at Rs 115.60 and Rs 115.61, they said. On April 11, the rupee was unchanged moved versus the dollar for buying and selling at Rs 115.60 and Rs 115.61 respectively, they said. On April 12, the rupee moved within the band of Rs 115.60 and Rs 115.62 respectively, the said.
On April 13, the rupee held the overnight levels in terms of the dollar for buying and selling at Rs 115.60 and Rs 115.62, they said.
OVERSEAS OUTLOOK FOR DOLLAR: In the fist Asian trade, the dollar steadied on Monday, having retreated late last week due to concerns over US-China trade tensions and following data that showed the US economy created the fewest jobs in six months in March.
The dollar index against a basket of six major currencies inched up 0.1 percent to 90.189 after a drop of 0.4 percent on Friday.
The dollar index had set a one-month high of 90.597 ahead of the US non-farm payrolls report data on Friday but later lost some steam, weighed down by concerns about the US-China trade dispute and the disappointing US jobs data.
China warned on Friday it was fully prepared to respond with a fierce counter strike” of fresh trade measures if the United States follows through on President Donald Trump’s threat to slap tariffs on an additional $100 billion of Chinese goods.
The dollar was available against the Indian rupee at 64.883, the greenback was at 3.861 in terms of the Malaysian ringgit and the US currency was trading in relation to the Chinese yuan at 6.297. Inter bank buy/sell rates for the taka against the dollar on Monday: 82.98-82.98 (Previous 82.98-82.98).
In the second Asian trade, the dollar bounced against the yen on Tuesday, with broader risk appetite improving after a speech by Chinese President Xi Jinping promising to cut import tariffs eased concerns about a trade conflict between the world’s two largest economies.
Inter bank buy/sell rates for the taka against the dollar on Tuesday: 82.98-82.98 (Previous 82.98-82.98).
In the third Asian trade, the dollar traded near a two-week low against a basket of currencies on Wednesday after Chinese President Xi Jinping’s promise to cut import tariffs eased concerns about a US-China trade conflict.
The dollar index versus a basket of six major peers last stood at 89.588, trading within sight of a low of 89.542 set on Tuesday, its lowest level since March 28.
The dollar was trading against the Indian rupee at Rs 64.985, the greenback was at 3.865 versus the Malaysian ringgit and the US currency was at 6.284 in relation to the Chinese yuan.
In the fourth Asian trade, the dollar edged up against the yen on Thursday, but its gains were thin as concerns over possible Western military action against Syria lent support to the safe-haven Japanese currency.
The dollar was trading against the Indian rupee at Rs 65.380, the greenback was at 3.875 versus the Malaysian ringgit and the US currency was at 6.279 in relation to the Chinese yuan.
In the final Asian trade, the dollar neared a 1-1/2-month high against the yen on Friday, as an improvement in investor risk appetite buoyed equities and pushed US yields significantly higher.
The dollar was steady at 107.385 yen after gaining more than 0.5 percent overnight. A rise above 107.490 yen would take it to its highest since late February. The greenback has gained about 0.3 percent versus the yen this week.
The dollar was trading against the Indian rupee at Rs 65.220, the greenback was at 3.878 in terms of the Malaysian ringgit and the US currency was at 6.292 in relation to the Chinese yuan.
In the final NY trade, the dollar was little changed against a basket of major currencies on Friday as traders waited for more clarity on a possible Western military intervention in Syria. The dollar index, which measures the greenback against a basket of six major currencies, was 0.03 percent higher at 89.78.
