THE RUPEE: rupee gains

The rupee managed to depict slight improvement against the dollar on the money market during the week, ended on February 10, 2018. In the open market, the rupee picked up 60 paisas against the dollar for buying and selling Rs 111.20 and Rs 111.50. The rupee also gained Rs 2.80 versus the euro for buying at Rs 135.00 and selling and Rs 137.00.
In the inter-bank market, range-bound trading was again witnessed as the rupee moved cautiously versus the dollar for buying and selling at Rs 110.54 and Rs 110.55. According to some analysts, easy supply of dollars, helped the rupee to recover its losses.
On Monday, all the commercial departments were closed on Monday in observance of Kashmir Day holiday on February 5. Declining demand for the US dollars, encouraged the rupee to look ahead against the greenback. Commenting on the fresh rise in rupee's value, they said that one of the leading behind the surge is lack of buying interest among the common investors, they said.
Furthermore, decline in dollars' buying by Chinese traders, who are in Pakistan for doing business Chinese traders and businessmen went back to their homeland to spend national holidays with their families.
Besides, the dollar lose it's lustre partly because of easier trend in the international equities market, they said.
OPEN MARKET RATES: On Tuesday, the rupee shed 10 paisas for buying and selling Rs 111.80 and Rs 112.10. The rupee, however, gained 50 paisas against the euro for buying and selling at Rs 137.80 and Rs 139.80.
On Wednesday, the rupee picked up 10 paisas against the dollar for buying and selling Rs 111.70 and Rs 112.00. The rupee also gained 80 paisas against the euro for buying at Rs 137.00 and the national currency also rose by 1.60 for selling Rs 138.25.
On Thursday, the rupee rose by 20 paisas against the dollar for buying and selling Rs 111.50 and Rs 111.80, they said. The rupee gained sharply against the euro for buying and selling at Rs 135.50 and Rs 137.50, they added.
On Friday, the rupee managed to gain 30 paisas against the dollar for buying and selling Rs 111.20 and Rs 111.50, they said. The rupee gained Rs 1.50 against the euro for buying and selling at Rs 134.00 and Rs 136.50, they added.
On Saturday, the rupee maintained overnight levels against the dollar for buying and selling Rs 111.20 and Rs 111.50. The rupee lost Re one against the euro for buying at Rs 135.00 and selling and Rs 137.00.
INTER-BANK MARKET RATES: On February 6, the rupee inched down by one paisa in relation to the dollar for buying and selling at Rs 110.54 and Rs 110.55.
On February 7, the rupee stayed put in relation to the dollar for buying and selling at Rs 110.54 and Rs 110.55. On February 8, the rupee did not move any side in relation to the dollar for buying and selling at Rs 110.54 and Rs 110.55. On February 09, the rupee almost held the present levels in relation to the dollar for buying and selling at Rs 110.54 and Rs 110.55.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar steadied on Monday after rallying on upbeat US jobs data, which sent bond yields surging on the prospects of increasing inflation and hammered equities.
The dollar index against a basket of six major currencies stood little changed at 89.127 after gaining 0.6 percent on Friday, when the US payrolls report showed wages growing at their fastest pace in more than 8-1/2 years and fuelling inflation expectations.
In the second Asian trade, the dollar stood tall on Tuesday as a rout in global equities prompted anxious investors to cut exposure to riskier assets and seek shelter in the relative safety of the greenback.
The euro was steady at $1.2370 after shedding 0.7 percent overnight to pull further away from a three-year high of $1.2538 set late in January.
The dollar index against a basket of six major currencies stood at 89.610. The dollar was available against the Indian rupee at 64.285, the greenback was at 3.914 in terms of the Malaysian ringgit and the US currency was trading against the Chinese yuan at 6.292.
Inter bank buy/sell rates for the taka against the dollar on Tuesday: 82.90-82.90 (Previous 82.90-82.90).
In the third Asian Trade, the dollar slipped against the yen on Wednesday, handing back earlier gains, as the recovery in share markets lost steam and dampened investor risk appetite.
The dollar index against a basket of six major currencies was a shade lower at 89.530, after reaching a two-week peak of 90.034 overnight.
The euro edged up 0.1 percent to $1.2391 after slipping to a two-week low of $1.2314 the previous day
The dollar was trading against the Indian rupee at Rs 64.165, the greenback was at 3.905 in terms f the Malaysian ringgit and the US currency was available at 6.255 in relation to the Chinese yuan.
In the fourth Asian Trade, the dollar was off recent lows against major rivals on Thursday, benefiting from the euro's weakness and higher US yields but capped by concerns about recent equity market volatility. The euro was slightly higher on the day at $1.2268, not far from its overnight low of $1.2246 and a far cry from last month's 3-year high of $1.2538.
The dollar was trading against the Indian rupee at Rs 64.230, the US currency was at 3.921 in terms of the Malaysian ringgit and the greenback was available at 6.329 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday: 82.90-82.90 (Previous 82.90-82.90).
In the final Asian Trade, The yen neared a four-month high against the dollar on Friday as global stock markets plunged again, triggering a rush into traditional safe-haven currencies.
The dollar slipped to 108.56 yen, edging near its four-month low of 108.28 hit on January 26, and having lost 1.3 percent so far this week.
The yen also tends to be bought at time of economic stress, because Japan's current account surplus tends to give protection to the yen compared to vulnerability of deficit-running countries.
The British pound gave up more than a half of its Thursday's gains made after the Bank of England said it was likely to raise interest rates sooner and by more than it thought only three months ago.
The dollar was trading against the Indian rupee at Rs 64.360, the greenback was at 3.937 in relation to the Malaysian ringgit and the US currency was available at 6.329 versus the Chinese yuan.
The dollar was trading against the Indian rupee at Rs 64.360, the greenback was at 3.937 in relation to the Malaysian ringgit and the US currency was available at 6.329 versus the Chinese yuan.
In the final NY trade, the dollar rose on Friday for its strongest week against a basket of currencies in nearly 15 months as some traders piled into the greenback in a week of tremendous swings felt in stock and bond markets around the world.
The US currency recovered further from a three-year low set two weeks ago. Some traders have bought it to close out their bets on its weakness, while others favoured the dollar in a safe-haven move over higher-returning but riskier currencies, analysts said.