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Print Print 2019-10-21

The rupee: modest gains

Stable trend was witnessed on the currency market during the week, ended on Oct 19, 2019. The rupee picked up 10 paisas versus the dollar for buying and selling at Rs 155.90 and Rs 155.94.
Published October 21, 2019

Stable trend was witnessed on the currency market during the week, ended on Oct 19, 2019. The rupee picked up 10 paisas versus the dollar for buying and selling at Rs 155.90 and Rs 155.94.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee was unchanged in relation to the dollar for buying and selling at Rs 155.70 and Rs 156.20. While, the rupee continued slide versus the euro for buying and selling at Rs 173.30 and Rs 175.30.

Commenting on the stable trend in the local currency market, marketmen said that slight improvement in performance of the economy, helped the rupee to look ahead versus the dollar.

It is most likely that the local currency may manage to hold present levels in terms of the dollar in the near futures, they added.

INTER-BANK MARKET RATES: On Monday, the rupee was trading against the dollar at Rs 156.05 and Rs 156.07.

On Tuesday, the rupee showed modest fluctuations versus the dollar for buying and selling at Rs 156.05 and Rs 156.10. On Wednesday, the rupee rose by three paisas in terms of the dollar for buying and selling at Rs 156.00 and Rs 156.04. On Thursday, the rupee extended winning ground in terms of the dollar, picking up 15 paisas for buying and selling at Rs 155.85 and Rs 155.90. On Friday, the rupee shed five paisas in terms of the dollar for buying and selling at Rs 155.90 and Rs 155.94.

OPEN MARKET RATES: On October 14, the rupee picked up 10 paisas against the dollar for buying and selling at Rs 155.70 and Rs 156.20. The rupee was available in terms of the euro for buying and selling at Rs 171.30 and Rs 173.30.

On October 15, the rupee did not show any change in relation to the dollar for buying and selling at Rs 155.70 and Rs 156.20. While, the rupee gained 10 paisas versus the euro for buying and selling at Rs 171.20 and Rs 173.20. On Oct 16, the rupee did not show any change in relation to the dollar for buying and selling at Rs 155.70 and Rs 156.20, they added. While, the rupee recovered overnight losses versus the euro, gaining 30 paisas for buying and selling at Rs 171.50 and Rs 173.50, they added.

On Oct 17, the rupee was almost unchanged in relation to the dollar for buying and selling at Rs 155.70 and Rs 156.20. While, the rupee shed 30 paisas versus the euro for buying and selling at Rs 171.50 and Rs 173.50.

On Oct 18, the rupee was unchanged in relation to the dollar for buying and selling at Rs 155.70 and Rs 156.20. While, the rupee fell sharply versus the euro for buying and selling at Rs 172.80 and Rs 174.80. On Oct 19, the rupee managed to hold overnight levels in relation to the dollar for buying and selling at Rs 155.70 and Rs 156.20. While the rupee continued slide versus the euro for buying and selling at Rs 173.30 and Rs 175.30.

OVERSEAS OUTLOOK FOR DOLLAR: In the first global market, the dollar held near a 2-1/2-month high against the yen on Monday on signs of progress in US-China trade talks, while sterling's rally ran out of steam after touching a 3-month peak on hopes for an orderly British exit from the European Union.

On Friday, the dollar strengthened against the safe-haven yen to as high as 108.63 yen, its highest since August 1, before US President Donald Trump said the United States and China had reached a 'Phase 1' trade deal.

The dollar was trading against the Indian rupee at Rs 70.868, the greenback was at 4.178 in terms of the Malaysian ringgit and the US currency was available at 7.055 versus the Chinese Yuan.

In the second Asian trade, the dollar eased marginally to 108.31 against the yen, still not far from its 2-1/2-month high of 108.63 yen marked on Friday. The euro was flat at $1.1031 versus the greenback, off Friday's three-week high of $1.1062.

Although markets initially welcomed the "Phase 1" trade deal between

China's yuan remained relatively firm versus the dollar in onshore trade, a day after it hit a two-month high of 7.0494. It last traded at 7.0738 per dollar, a touch lower on the day.

The offshore yuan traded at 7.0760 against the greenback, off Monday's one-month high of 7.0503. Negotiations between the UK and the European Union over Britain's exit from the bloc also looked equally fleeting.

The dollar was trading against the Indian rupee at Rs 71.230, the greenback was at 4.185 versus the Malaysian ringgit and the US currency was available at 7.064 in terms of the Chinese yuan.

In the third Asian trade, the pound pulled back from its highest level in almost five months versus the dollar on Wednesday, erasing some of the rally sparked by signs Britain is closing in on a deal to leave the European Union.

Sterling also pulled back from its highest in five months against the euro as investors took profit and prepared for a make-or-break summit between Britain and the EU on Thursday and Friday.

In Asia, investor focus is back on US-China ties with the yuan falling after Beijing rebuked a new US legislation that takes a hard line against the crackdown on pro-democracy protests in Hong Kong.

In global currency markets, traders are still awaiting the outcome of last-ditch talks that dragged on late into Tuesday night to see whether Britain and the EU can draft an agreement on Brexit before the summit.

The dollar was trading against the Indian rupee at Rs 71.500, the greenback was available at 4.193 in terms of the Malaysian ringgit and the US currency was at 7.095 versus the Chinese yuan.

In the fourth Asian trade, the dollar nursed losses on Thursday amid gathering doubts about a mooted Sino-US trade deal, while the volatile pound was on edge as Britain and the European Union scrambled to secure a last-minute Brexit deal.

As the greenback steadied on most major currencies, the biggest gainer was the Australian dollar, which jumped 0.4% from the session's low after jobs data showed buoyant hiring, lowering chances of monetary easing in November.

It has surged some 5% since last week as negotiations stepped up.

The dollar was available versus the Indian rupee at Rs 71.400, the greenback was at 4.186 in terms of the Malaysian ringgit and the US currency was trading at 7.098 against the Chinese yuan.

In the final Asian trade, the pound traded near a five-month high against the dollar and the euro after Britain's prime minister Boris Johnson and European Union leaders agreed a new deal for Britain to exit the bloc.

The yuan held steady against the dollar after data showed China's economy grew at the weakest pace in more than 27 years in the third quarter due to a costly trade war with the United States and weak factory production.

Sterling's gains on the dollar helped push the greenback to a five-month low versus the euro and a three-week low against the Swiss franc.

Initial relief at securing the long-awaited Brexit deal could be brief, however, because the prime minister still needs to sell the agreement to sceptical lawmakers when parliament sits on Saturday.

The dollar was trading against the Indian rupee at Rs 71.208, the greenback was available at 4.182 versus the Malaysian ringgit and the US currency was at 7.078 in relation to the Chinese yuan.

In the final US trade, the dollar fell sharply against the euro on Friday as the common currency jumped on hopes that a Brexit deal between Britain and the European Union could improve the odds of the euro zone avoiding a recession for now.

In one of the most striking flourishes of the three-year Brexit drama, British Prime Minister Boris Johnson confounded his opponents on Thursday by clinching a new deal with the EU, even though the bloc had promised it would never reopen a treaty it agreed last year.

The euro has been rattled this year by dismal manufacturing data and by worries that deepening economic tensions between the United States and China could slow euro zone economies even further.

Copyright Business Recorder, 2019

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