THE RUPEE: crosses all-time high level

The Pak rupee crossed all-time high level against the dollar at Rs 112 during the high volatile week, ended on Dec 16, 2017.
INTER-BANK MARKET: The rupee dropped over Rs 2 in terms of the dollar for buying and selling at Rs 110.40 and Rs 110.50.
OPEN MARKET RATES: The rupee lost Rs 1.50 in relation to the dollar for buying at Rs 109.80 and Rs 110.30. The rupee also almost fell by 80 paisas against the euro for buying and selling Rs 127.50 and Rs 129.20.
Commenting on the rupee's devaluation, some experts said that the rupee lost nearly 5 percent in terms of the dollar, thanks to the timely move by the central bank, the rupee halted decline, which provided a sigh of relief to market. In fact, the money market was in full grip of uncertainty after sharp devaluation, they said. It seemed that the national currency was not fluctuating sharply in the coming days, they said.
Most of the business circle confused over the adjustment and said that economy is inching towards point of no return due to disturbing interference of International Monetary Fund (IMF) in the Pak economy, therefore, people sitting on the helm of affairs must revisit economic policies.
They said that textile industry is the main victim of deepening economic crisis, furthermore rupee's devaluation is adding to the economic miseries of the country and all these ills produced just because of awful interference, they added.
They said that Pakistan would be loser if immediate measures are not taken to get rid of the massive loans which are the mother of most of the economic ills. It's a tough step but not impossible task as if Turkey can do it, than why we cannot.
INTER-BANK MARKET RATES: On Monday, the rupee continued slide in terms of the dollar, losing Rs 1.45 for buying and selling at Rs 108.25 and Rs 108.75.
On Tuesday, the rupee lost Rs 1.75 versus the dollar for buying and selling at Rs 110.00 and Rs 110.50.
Wednesday, the rupee lost 45 paisas in terms of the dollar for buying at Rs 110.45 and the national currency shed five paisas for selling at Rs 110.55.On Thursday, the rupee gained 35 paisas against the dollar for buying and selling at Rs 110.10 and Rs 110.20.
On Friday, the rupee failed to sustained overnight gains in terms of the rupee, losing 30 paisas for buying and selling at Rs 110.40 and Rs 110.50, they said.
OPEN MARKET RATES: On Dec 11, the rupee failed to resist decline in relation to the dollar for buying and selling at Rs 108.50 and Rs 108.80. The rupee was trading versus the euro for buying and selling at Rs 126.75 and Rs 128.00
On Dec 12, the rupee shed Rs 2.30 against the dollar for buying and selling at Rs 110.80 and Rs 112.00. The rupee was trading against the euro for buying and selling at Rs 127.50 and Rs 129.50.
On Dec 13, the rupee showed some improvement versus the dollar gaining 50 paisas for buying at Rs 110.30 and it also rose by Rs 1.20 for selling at Rs 110.80.
On Dec 15, the rupee sustained overnight gains in relation to the dollar for buying at Rs 109.80 and Rs 110.30. While, the rupee shed 25 paisas in relation to euro for buying at Rs 128.50 and the national currency was lower by 50 paisas for selling and Rs 130.50.
On Dec 16, the rupee stayed put in relation to the dollar for buying at Rs 109.80 and Rs 110.30.
While, the rupee almost gained Re one against the euro for buying and selling Rs 127.50 and Rs 129.20.
OVERSEAS OUTLOOK FOR DOLLR: In the first Asian trade, the dollar probed four-week highs against the yen on Monday, underpinned by expectations of higher US interest rates, while bitcoin seized the spotlight as futures of the cryptocurrency began trading.
US employment data on Friday showed a bigger rise in jobs than expected in November, but the dollar's gains were capped by disappointing wage data that analysts said could weigh on the pace of interest rate hikes next year.
Bitcoin was up 7.6 percent at $15,755.08 on the Luxembourg-based Bitstamp exchange.
The dollar was trading against the Indian rupee at Rs 64.355, the greenback was at 4.075 in terms of the Malaysian ringgit and the US currency was at 6.616 versus the Chinese yuan.
In the second Asian trade, the dollar held firm near two-week highs versus a basket of major currencies on Tuesday, with traders awaiting the US Federal Reserve's policy meeting this week for fresh catalysts.
The dollar index, which tracks the greenback against a basket of six major peers, inched up 0.1 percent to 93.931. That was within sight of Friday's peak of 94.087, the highest since Nov. 21.
The Fed is widely expected to raise interest rates at its two-day policy meeting that will end on Wednesday and is expected to tighten policy further next year.
Most economists polled by Reuters now expect three more rate rises next year compared with two when surveyed just weeks ago, although the outlook remains clouded by stubbornly subdued inflation.
Since a rate hike this week has been priced in, the dollar could sag initially after the Fed's policy announcement, said Steven Dooley, currency strategist for Western Union Business Solutions in Melbourne.
The dollar was trading against the Indian rupee at Rs 64.49, the greenback was at 4.078 in terms of the Malaysian ringgit and the US currency was at 6.621 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 82.50-82.60 (Previous 82.50-82.50).
In Third Asian trade: The dollar slipped from a four-week high against a basket of currencies on Wednesday after a Democrat won a bitter fight for a US Senate seat in deeply conservative Alabama, reducing Republicans' already narrow Senate majority further.
The reduced Senate majority could make it harder for President Donald Trump to push through tax cut plans and other economic agenda. The dollar index slipped 0.15 percent to 93.941 after having risen to 94.219 on Tuesday, its highest level since Nov. 14.
Against the yen, the dollar slipped 0.2 percent to 113.35 yen, after having risen to a four-week high of 113.75 yen on Tuesday.
The euro gained 0.15 percent to $1.1757, after having slipped to a three week low of $1.17175 the previous day.
The dollar was available against the Indian rupee at Rs 64.44, the greenback was trading versus the Malaysian ringgit at 4.074, the US currency was at 6.618 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 82.60-82.60 (Previous 82.50-82.60).
In the fourth Asian trade, the dollar remained on the defensive on Thursday, having tumbled after the Federal Reserve raised interest rates as expected, but left its rate outlook for the coming years unchanged.
There was limited reaction among major currencies after China raised interest rates marginally, in the wake of the Fed's move.
The dollar index, which tracks the greenback against a basket of six major currencies, eased 0.1 percent to 93.372 after falling 0.7 percent on Wednesday.
The Fed raised key short-term rates by a quarter point to a range of 1.25-1.50 percent on Wednesday. The Fed projected three more hikes in both 2018 and 2019, unchanged from the last round of forecasts in September. Traders and analysts said the dollar came under pressure after the Fed's policy announcement as the US central bank kept its interest rate projections steady rather than revising them higher.
The dollar was trading against the Indian rupee at Rs 64.32, the greenback was available at 4.076 in terms of the Malaysian ringgit and the US currency was at 6.609 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 82.60-82.60 (Previous 82.60-82.60).
In the final Asian market, the dollar was on the defensive on Friday after wrangling over a bill to change the US tax code dented confidence, while the euro sagged after the European Central Bank signalled it would maintain stimulus for as long as needed.
The greenback was off 0.1 percent at 112.315 yen, having dropped to an eight-day low of 112.065 overnight. The US currency had climbed to a one-month high of 113.750 yen on Tuesday. But it made a U-turn midweek after the Federal Reserve tightened monetary policy as expected but also expressed concern about low inflation.
The dollar lost further ground after two US Republican senators on Thursday were reported to have sought changes to the proposed legislation to overhaul the US tax code.
The tax bill needs a simple majority to pass in the Senate, in which Republicans hold just 52 of the 100 seats and no Democrats are expected to support it.
The euro was little changed at $1.1780 after losing about 0.4 percent overnight. The common currency flagged after the European Central Bank on Thursday raised growth and inflation forecasts for the euro area, but stuck with its pledge to provide stimulus for as long as needed.
The dollar was trading against the Indian rupee at Rs 64.11, the greenback was available at 4.083 in terms of the Malaysian ringgit and the US currency was at 6.607 in relation to the Chinese yuan.
At NY market, the US dollar rose on Friday as Republican negotiators in the US Congress put the finishing touches on a sweeping tax overhaul, raising expectations that the bill would be passed by year-end.
Representative Kevin Brady, chairman of the tax-writing House Ways and Means Committee, told reporters that Republicans on the House-Senate negotiating committee working on the revamped bill had signed the finished product and the details would be published when the full House convenes at 5:30 p.m. EST (2230 GMT).
It comes after two Republicans sought changes to the proposed legislation. The dollar index against a basket of six major currencies rose 0.49 percent to 93.944.