The rupee, on the back of smooth supply of dollar, recovered sharply on the local currency market during the week, ended on November 6, 2014. In the interbank market, the rupee improved with strong gains of 73 paisa versus the dollar for buying and selling at Rs 101.35 and Rs 101.38 respectively.
In the open market, the rupee went up sharply against the euro, gaining Rs 2.35 for buying and selling at Rs 125.00 and Rs 125.25.
Commenting on the rising value of the local currency, money experts said that the rupee gained on the back of expectations. They said that the rupee moved up on the back of 1 billion dollars for sukuk inflows and a likely loan of 1.1 billion dollars from the International Monetary Fund (IMF).
They were of the view that the rupee may trade below Rs 101 in times to come mainly because of an expected easy supply of dollars.
INTER-BANK MARKET RATES: On Monday, the rupee lost 20 paisa versus the dollar for buying and selling at Rs 102.08 and Rs 102.10. On Tuesday, the rupee picked up 43 paisa versus the dollar for buying and selling at Rs 101.65 and Rs 101.68.
On Wednesday, the rupee lost eight paisa versus the dollar for buying and selling at Rs 101.73 and Rs 101.75. On Thursday, the rupee managed to lift from bottom on the back of easy supply of dollar, gaining 16 paisa for buying and selling at Rs 101.57 and Rs 101.60.
On Friday, the rupee strengthened versus the dollar, picking up more 22 paisa for buying and selling at Rs 101.35 and Rs 101.38.
OPEN MARKET RATES: On December 2, the rupee sustained its overnight levels in relation to the dollar for buying and selling at Rs 102.50 and Rs 102.70. The rupee also dropped slightly by five paisa in terms of the euro for buying and selling at Rs 127.35 and Rs 127.60.
On December 3, the rupee gained 25 paisa in relation to the dollar for buying and selling at Rs 102.25 and Rs 102.45. The rupee also rose by 25 paisa in terms of the euro for buying and selling at Rs 127.00 and Rs 127.25.
The rupee extended overnight gains, picking up five paisa in terms of the dollar for buying and selling at Rs 102.20 and Rs 102.40. The rupee also rose by 75 paisa in terms of the euro for buying and selling at Rs 126.25 and Rs 126.50.
On December 4, the rupee followed same pattern in terms of the dollar, picking up 30 paisa for buying and selling at Rs 101.90 and Rs 102.10. The rupee also went up sharply in terms of the euro, rising Re one for buying and selling at Rs 125.25 and Rs 125.50.
On December 4, the rupee rose by 20-paisa in relation to the dollar for buying and selling at Rs 101.70 and Rs 101.90. It followed the same pattern in terms of the euro, rising 25-paisa for buying and selling at Rs 125.00 and Rs 125.25 respectively.
On December 6, the rupee picked up 20 paisa in relation to the dollar for buying and selling at Rs 101.50 and Rs 101.70. the rupee was unchanged in terms of the euro at Rs 125.00 and Rs 125.25.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar touched a more than seven-year peak against the yen, while the Swiss franc slipped against the euro after voters rejected a plan for the central bank to boost its gold reserves.
The dollar was trading against the Indian rupee at Rs 62.15, the greenback was at 3.4350 in terms of the Malaysian ringgit and the US currency was available at 6.148 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Monday. 77.72-77.72 (previous 77.70-77.70). Call Money Rates: 06.25-08.25 percent (Previous 06.25-08.25 percent).
In the second Asian trade, the dollar inched higher, while commodity exporters' currencies, like the Australian and Canadian dollars, held above recent lows after a rebound in global commodity prices the previous day.
The Australian dollar also drew support from the lack of dovish comments that some traders had been expecting from the Australian central bank's policy review.
The dollar was trading against the Indian rupee at Rs 61.99, the greenback was at 3.4205 in terms of the Malaysian ringgit and the US currency was available at 6.149 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Tuesday. 77.72-77.77 (previous 77.72-77.72). Call Money Rates: 06.25-08.25 percent (Previous 05.75-08.25 percent).
In the third Asian trade, the dollar hit a seven-year peak against the yen, following a rise in US bond yields and Federal Reserve officials' mostly upbeat comments on the outlook for the US economy.
The greenback also rose against the Australian dollar, which slid to a four-year low after data showed Australia's economy unexpectedly slowed last quarter, prompting markets to price in more chances of an interest rate cut.
Against the yen, the dollar climbed to 119.44 yen on trading platform EBS, its strongest level since August 2007. The dollar last traded at 119.35 yen, up 0.1 percent on the day.
The dollar was available at Rs 61.93 in terms of the Indian rupee, the US currency was trading versus the Malaysian ringgit at 3.4390 and the greenback was at 6.1500 against the Chinese yuan.
Inter bank buy-sell rates for the taka against the dollar on Wednesday. 77.79-77.79 (previous 77.72-77.77). Call Money Rates: 06.00-08.25 percent (Previous 05.75-08.25 percent) (revised).
In the fourth Asian trade, the euro staggered near two-year lows on Thursday, finding few friends in a market that is wagering the European Central Bank will be forced to inject even more stimulus into the sputtering euro zone economy.
While a full-blown quantitative easing programme after Thursday's policy review is unlikely, some believe the ECB may lay the groundwork for such a move early next year.
The dollar was trading against the Indian rupee at Rs 61.91, the US currency was at 3.4470 in terms of the Malaysian ringgit and the greenback was at 6.1498 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday. 77.79-77.80 (previous 77.79-77.79). Call Money Rates: 06.00-08.25 percent (Previous 05.70-08.25 percent).
In the final Asian trade, the Indian rupee ended at a two-week closing high on Friday, tracking broad-based strength in Asian currencies against the dollar and continuing large foreign inflows into Indian financial markets, particularly debt, aiding gains.
The dollar was trading against the Indian rupee at Rs 61.85, the US currency was at 3.4685 in terms of the Malaysian ringgit and the greenback was at 6.1528 versus the Chinese yuan.
At the week-end, the US dollar reached fresh multiyear highs after a stronger-than-forecast November US jobs report increased expectations the Federal Reserve may begin raising interest rates sooner than previously thought.
Employers added the most workers in nearly three years in November and wages rose, the latest US employment report showed. Non-farm payrolls increased by 321,000, better than forecasts for an increase of 230,000. The unemployment rate held steady at a six-year low of 5.8 percent.
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