Firmness prevailed on the money market as the rupee managed to hold the present levels versus the dollar during the week, ended on 20 June, 2015. In the interbank market, the rupee was almost unchanged in terms of the dollar for buying and selling at Rs 101.78 and Rs 101.80.
In the open market, the rupee picked up five paisas against the dollar for buying and selling at Rs 102.60 and Rs 102.80, the rupee, however, lost 65 paisas in relation to the euro for buying and selling at Rs 115.40 and Rs 116.40. Reports showing that country's foreign exchange reserves stood at 17.448 billion dollars during the last week. Some experts said that the dollar was in demand but easy supply of the greenback aided the rupee hold the present levels.
The rupee may not fluctuate sharply in the near future, they said.
INTER-BANK MARKET RATES: On Monday, the rupee failed to sustain its overnight levels in relation to the dollar, falling three paisas for buying and selling at Rs 101.77 and Rs 101.78. On Tuesday, the rupee almost maintained overnight levels in relation to the dollar, falling three paisas for buying and selling at Rs 101.76 and Rs 101.78.
On Wednesday, the rupee shed two paisas versus the dollar for buying and selling at Rs 101.78 and Rs 101.80. On Thursday, the rupee held the overnight levels in terms of the dollar for buying and selling at Rs 101.78 and Rs 101.80. On Friday, the banks were closed due to Zakat reduction.
OPEN MARKET RATES: On June 15, the rupee recovered five paisas in terms of the dollar for buying and selling at Rs 102.65 and Rs 102.85 respectively, it also rose by five paisas in terms of the euro for buying and selling at Rs 114.75 and Rs 115.75.
On June 16, the rupee managed to recover in terms of the dollar, picking up 20-paisas in relation to the dollar for buying and selling at Rs 102.70 and Rs 102.90 respectively, it also rose by 60 paisas in terms of the euro for buying and selling at Rs 114.80 and Rs 115.80.
On June 17, the rupee sustained overnight levels in terms of the dollar for buying and selling at Rs 102.65 and Rs 102.85 respectively, it also did not move any side against the euro for buying and selling at Rs 114.75 and Rs 115.75.
On June 18, the rupee gained five paisas against the dollar for buying and selling at Rs 102.60 and Rs 102.80 respectively, it, however lost 75 paisas versus the euro for buying and selling at Rs 115.50 and Rs 116.50.
On June 19, the rupee extended overnight gains versus the dollar, picking up five paisas for buying and selling at Rs 102.55 and Rs 102.75, the rupee also recovered 75 paisas in terms of the euro for buying and selling at Rs 114.75 and Rs 115.75.
On June 20, the rupee shed five paisas versus the dollar for buying and selling at Rs 102.60 and Rs 102.80, the rupee also dropped by 85 paisas in terms of the euro for buying and selling at Rs 115.40 and Rs 116.40.
OVERSEAS OUTLOOK FOR DOLALR: In the first Asian trade, the euro lurched lower on Monday after efforts to end a deadlock between Greece and its creditors broke up in failure over the weekend. The greenback was subdued against the yen, treading water at 123.445 yen. Dollar bulls will be hoping the Federal Reserve will offer a clear signal on the timing of its first interest rate hike in nearly a decade after its June 16-17 policy meeting.
The dollar was trading against the Indian rupee at Rs 64.11, the greenback was at 3.7605 in terms of the Malaysian ringgit and the US currency was at 6.208 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Monday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.25-6.75 percent (Previous 05.25-06.75 percent).
In the second Asian trade, the dollar firmed, as traders braced for the outcome of the US Federal Reserve's two-day policy meeting that takes place amid the backdrop of a looming crisis in Greece.
The greenback briefly spiked to a session high of 123.81 yen immediately after Bank of Japan Governor Haruhiko Kuroda said he was not making any assessment on nominal yen levels or predicting its future moves in his comments to parliament last week.
The dollar quickly pared its gains, and was last up about 0.2 percent on the day at 123.58 yen, well shy of a 13-year high of 125.86 yen hit earlier this month.
The dollar was trading against the Indian rupee at Rs 64.11, the greenback was at 3.7500 in terms of the Malaysian ringgit and the US currency was at 6.2078 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Tuesday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.25-6.75 percent (Previous 05.25-06.75 percent).
In the third Asian trade, the euro was held hostage by the crisis in Greece while the dollar held firm after solid US housing data bolstered the case for the US Federal Reserve starting rate hikes as early as in September.
The euro was little changed at $1.1261, having slipped from Tuesday's high of $1.1330. Although it remained in a familiar range between $1.11 and $1.14 in recent days, traders see this as the calm before storm rather than a sign of stability.
The dollar was trading against the Indian rupee at Rs 64.11, the greenback was at 3.7490 versus the Malaysian ringgit and the US currency was at 6.208 in terms of the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.25-6.75 percent (Previous 05.25-06.75 percent.
In the forth Asian trade the dollar hit a one-month low, staying on the defensive after the head of the Federal Reserve disappointed some who had hoped for a clearer signal on when the central bank will lift interest rates.
Instead, Fed Chair Janet Yellen on Wednesday emphasised that the rate decision was still up in the air and rested squarely on further improvement in the labour market, a longstanding concern.
The dollar was trading against the Indian rupee at Rs 63.88, the greenback was at 3.7185 in terms of the Malaysian ringgit and the US currency was at 6.209 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar Thursday: 77.80-77.80 (previous 77.80-77.80). Call Money Rates: 05.25-6.75 percent (Previous 05.25-06.75 percent).
In the final Asian trade, the dollar held steady near a one-month low against a basket of major currencies, after tame US inflation data added to uncertainty over when the Federal Reserve will begin raising interest rates.
Data on Thursday showed a measure of US core inflation rose a mere 0.1 percent in May, the smallest gain in five months, suggesting the Fed can stick to a very gradual policy tightening cycle, when it eventually does start hiking rates later in the year.
Against a basket of major currencies, the dollar last traded at 94.072, having set a one-month low of 93.563 on Thursday. The dollar index is down about 1 percent for the week, and set for its third straight weekly loss.
The dollar was trading against the Indian rupee at Rs 63.75, the greenback was at 3.7210 in terms of the Malaysian ringgit and the US currency was at 6.208 versus the Chinese yuan.
At week-end, the euro declined against other major currencies on Friday, weighed down by anxieties Greece may soon default on debts that also drove safe-haven buying of the dollar.
Greece is days away from potentially missing debt repayments of 1.6 billion euros to the International Monetary Fund, and investors are looking to an emergency meeting next week where euro zone leaders will try to find a way to unlock aid for Athens.
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