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All-round gains witnessed on the money market as the rupee managed to pick up versus the dollar during the week-ended on January 2, 2016. In the interbank market, the rupee appreciated by 20 paisas in relation to the dollar for buying and selling at Rs 104.73 and Rs 104.75.
In the open market, the followed same pattern, rising 10 paisas in terms of the dollar for buying at Rs 105.90 and picked 15 paisas for selling at Rs 106.10. The local currency rose by 30 paisas against the euro for buying and selling at Rs 115.20 and Rs 116.20.
Commenting on the performance of the rupee during the outgoing year (2015), experts said that the rupee shed 4.5 percent in the interbank market against the dollar. The rupee also dropped by 6.5 percent versus the dollar in the open market.
Money experts surprised over decline during the outgoing year because on the one hand country's foreign exchange reserves are one rise, besides, remittances were on the rise, despite all these encouraging factors, the rupee has lost substantial ground against the dollar.
The economy is still not out of wood, the exports are on decline, how the supply of dollars can improve? Despite record fall in the oil prices globally, prices of essentials on rise.
INTER-BANK MARKET RATES: On Monday, the rupee lost eight paisas against the dollar for buying at Rs 104.93 and it also shed five paisas for selling and Rs 104.95. On Tuesday, the rupee picked up 10 paisas in terms of the dollar for buying and selling at Rs 104.83 and Rs 104.85. On Wednesday, the rupee shed three paisas in terms of the dollar for buying and selling at Rs 104.86 and Rs 104.88. On Thursday, the rupee managed to gain 14 paisas in terms of the dollar for buying and selling at Rs 104.73 and Rs 104.75.
OPEN MARKET RATES: On December 28, the rupee, however, gained 10 paisas in terms of the dollar for buying at Rs 106.00 and rose by 15 paisa for selling at Rs 106.25. The rupee also picked up 30 paisa in relation to the euro for buying and selling at Rs 115.50 and Rs 116.50. On December 29, the rupee also gained 20 paisas in terms of the dollar for buying and selling at Rs 105.80 and Rs 106.05. The rupee was inert in relation to the euro for buying and selling at Rs 115.50 and Rs 116.50.
On December 30, the rupee lost 10 paisas in terms of the dollar for buying and selling at Rs 105.90 and Rs 106.15. While, the rupee sustained it's overnight levels in relation to the euro for buying and selling at Rs 115.50 and Rs 116.50.
On December 31, the rupee sustained it's overnight level at Rs 105.90 and it picked up five paisas for selling at Rs 106.10. The rupee picked up 10 paisas in relation to the euro for buying and selling at Rs 115.40 and Rs 116.40.
On January 1st, the rupee retained it's levels for the third day at Rs 105.90 and Rs 106.10 for buying and selling. The rupee picked up 40 paisas in relation to the euro for buying and selling at Rs 115.00 and Rs 116.00. On January 2nd, the rupee sustained it's last levels against the dollar for buying and selling at Rs 105.90 and Rs 106.10. The rupee shed 20 paisas in relation to the euro for buying and selling at Rs 115.20 and Rs 116.20.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar moved away from a two-month low against the yen, following downbeat Japanese economic data in holiday-thinned trading.
The dollar was trading against the Indian rupee at Rs 66.11, the greenback was at 4.2950 in terms of the Malaysian ringgit and the US currency was at 6.4771 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Monday: 78.52-78.53 (previous 78.55-78.55).
In the second Asian trade, the yen was supported against the dollar on Tuesday as soured risk sentiment favoured the safe haven Japanese currency, while the Canadian dollar struggled near an 11-year low against the greenback as crude oil prices resumed their slide.
The dollar was Rs 66.35 in relation to the Indian rupee, the US currency was available at 4.2900 in terms of the Malaysian ringgit and the greenback was at 6.4856 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Tuesday: 78.50-78.51 (previous 78.52-78.53).
In the third Asian trade, the dollar held steady against a basket of currencies following a rise in US debt yields, while the Canadian and Australian dollars trimmed gains after a rebound in crude oil prices fizzled.
The euro was almost flat at $1.0932 after slipping 0.4 percent overnight. A weak five-year auction and bounce in oil prices pushed US Treasury yields higher on Tuesday, favouring the greenback.
The dollar was trading against the Indian rupee at Rs 66.40, the greenback was at 4.2890 in terms of the Malaysian ringgit and the US currency was at 6.4897 versus the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 78.50-78.52 (previous 78.50-78.51).
In the forth Asian trade, the Australian and New Zealand dollars looked set to end 2015 sharply lower against their US peer, and could remain under pressure in the New Year if commodity prices remain weak.
The Aussie was on track to end the year around 11 percent lower, its third year of losses, while the kiwi was even harder hit with a decline of 12 percent.
The Australian dollar held steady at $0.7291 on the last trading day of the year, having bounced from a low of $0.7097 hit earlier this month.
The dollar was trading against the Indian rupee at Rs 66.33, the greenback was at 4.2880 versus the Malaysian ringgit and the US currency was at 6.4935 in relation to the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Thursday: 78.50-78.50 (previous 78.50-78.52).
In the US market, the dollar ended 2015 with a more than 9 percent annual gain against a basket of currencies, despite falling in December, with portfolio rebalancing from asset managers leading the currency higher in thin trading.
Riding a rally dating to May 2014, the greenback has appreciated by a quarter in value against a basket of currencies and by 22 percent against the euro.
For the year, the greenback rose over 10 percent against the euro for its second straight yearly gain.
All the financial including currency markets in the US were closed on Friday for the New Year's Day holiday. According to reports, the dollar is outperforming all of its 16 major peers in 2015 as the Federal Reserves began it's first interest-rate-raising cycle in almost a decade.

Copyright Business Recorder, 2016

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