Rupee: slight gain

Rising trend was seen on the local currency market during the week, ended on Nov 9, 2019. INTER-BANK MARKET RATES: The rupee gained 34 paisas versus the dollar for buying and selling at Rs 155.45 and Rs 155.50.

OPEN MARKET RATES: The rupee rose by 10 paisas in terms of the dollar for buying and selling at Rs 155.20 and Rs 155.50. The rupee managed to rise marginally against the euro for buying and selling at Rs 170.50 and Rs 172.00.

Some improvements in the economic performance eased the supply of dollars, marketmen said, adding the rupee may look ahead but slightly versus the dollar in the coming days.

INTER-BANK MARKET RATES: On Monday, the rupee held the present levels versus the dollar for buying and selling at Rs 155.64 and Rs 155.65.

On Tuesday, it gained modestly versus the dollar for buying and selling at Rs 155.58 and Rs 155.60. On Wednesday, the rupee shed three paisas versus the dollar for buying and selling at Rs 155.61 and Rs 155.63.

On Thursday, the rupee again picked up nine paisas versus the dollar for buying and selling at Rs 155.52 and Rs 155.54, and on Friday, it gained six paisas versus the dollar for buying and selling at Rs 155.45 and Rs 155.50.

OPEN MARKET RATES: On Nov 4, the rupee was almost unchanged in terms of the dollar for buying and selling but it shed 25 paisas against the euro for buying and selling at Rs 171.50 and Rs 173.00.

On Nov 5, the rupee gained modestly in relation to the dollar for buying and selling while almost remained unchanged against the euro for buying and selling.

On Nov 6, the rupee did not move any side in relation to the dollar, but it gained sharply against the euro for buying and selling at Rs 171.25 and Rs 173.00.

On Nov 7, the rupee appreciated by 15 paisas in relation to the dollar for buying at Rs 155.30 and it also picked up five paisas for selling at Rs 155.60. The rupee also gained 80 paisas against the euro for buying and selling at Rs 172.80 and Rs 174.80.

On Nov 8, the rupee managed to gain 10 paisas against the dollar for buying and selling at Rs 155.20 and Rs 155.50. The rupee was available versus the euro for buying and selling at Rs 170.80 and Rs 172.60. On Nov nine, the rupee was almost unchanged in terms of the dollar for buying and selling at Rs 155.20 and Rs 155.50. The rupee gained modestly against the euro for buying and selling at Rs 170.50 and Rs 172.00.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, major currencies started the week quietly with a holiday in Tokyo making for thin trading conditions and investors waiting to hear the first official speech from the new head of the European Central Bank later in the session.

The euro started the week firm at $1.1168 as bulls looked to test the October peak of $1.1179 and the 200-day moving average at $1.1195.

Against a basket of currencies, the dollar was stuck at 97.218 having touched a three-month low at 97.107 on Friday. It was now targeting the August trough of 97.033.

The dollar fared a little better on the yen as safe havens fell from fashion, edging up to 108.23 from Friday's low around 107.87.

In the second Asian trade, the US dollar advanced against the yen on Tuesday thanks to growing optimism the United States and China are on the verge of reaching a preliminary agreement to scale back their bruising trade war.

Bloomberg also reported that China is reviewing locations in the United States where he could sign a so-called "Phase 1" trade deal with US President Donald Trump.

Both countries have slapped tariffs on each other's goods in a trade war that has dragged on for 16 months and raised the spectre of a global recession.

The US currency rose 0.17% to 0.9895 Swiss Franc, following a 0.2% gain in the previous session. The dollar index against a basket of six major currencies rose 0.1% to 97.599, reaching its highest in almost a week.

In the third Asian trade, the dollar held the upper hand against its rivals on Wednesday, particularly versus traditional safe-haven currencies, on rising hopes for a US-China trade deal and a string of solid US economic data.

The dollar index against major currencies was at 97.936, after rising 0.37% on Tuesday to 97.912.

Against the yen, the dollar traded at 109.16 yen, down 0.01% from late US levels but near its October high of 109.285 and a three-month high of 109.25 hit on Oct. 30.

The dollar was available against the Indian rupee at Rs 70.888, the greenback was at 4.134 in terms of the Malaysian ringgit and the US currency was at 6.996 versus the Chinese yuan.

In the fourth Asian trade, the dollar inched lower against the yen on Thursday as lingering doubts about when the United States and China will sign a preliminary trade deal discouraged traders from taking big positions.

Sterling traded near a one-week low before a Bank of England meeting later on Thursday. No change in policy is expected, but investors are focused on how the BoE will respond to uncertainties posed by Britain's fraught exit from the European Union.

The dollar was trading against the Indian rupee at Rs 71.003, the US currency was available at 4.143 against the Malaysian ringgit and the greenback was at 7.016 in relation to the Chinese yuan.

The Chinese commerce ministry said that China and the US must simultaneously cancel some existing tariffs on each other's goods for both sides to reach a "phase one" trade deal.

The dollar jumped up to near three-month highs versus the yen, retracing its 0.3% losses from earlier in the session, as investors interpreted the comments as positive news, reducing demand for safe-haven currencies.

In the final Asian trade, the dollar rallied to a three-week high on Friday, getting some safe-haven bids, as risk appetite for higher-yielding currencies waned with renewed uncertainty about the rollback of existing tariffs, a major component of a

preliminary US-China trade deal.

The Japanese yen, another safe haven, rose as well.

US President Donald Trump on Friday further magnified the uncertainty, saying he had not agreed to roll back tariffs.

His comments came a day after US and Chinese officials reportedly agreed to roll back tariffs on each others' goods in a "phase one" trade deal if it is completed.

But a report also on Thursday seemed to contradict that news, with multiple sources saying the rollback faces fierce internal opposition at the White House and from outside advisers.