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Comfortable supply of dollars, supported the rupee to held it's present levels against the US currency during the week, ended on Feb 03, 2020. The rupee gained slightly versus the dollar for buying and selling at Rs 154.49 and Rs 154.50.

INTER-BANK MARKET RATES: OPEN MARKET RATES: The rupee managed to pick up modestly in relation to the dollar for buying and selling at Rs 154.30 and Rs 154.60, they said. The rupee fell slightly in terms of the euro for buying and selling at Rs 170.25 and Rs 171.75, they said.

Commenting on present economic condition, marketmen said that country is facing a lot of difficulties to revive the business activities, in the meantime, as a result of hard efforts, expectations are coming up that the government will get some achievements in the near future.

The State Bank of Pakistan (SBP) held its main policy rate at 13.25 percent as it acknowledged economic improvement coupled with continued inflationary pressures.

INTER-BANK MARKET RATES: On Monday, the rupee shed one paisa versus the dollar for buying and selling at Rs 154.56 and Rs 154.58. On Tuesday, the rupee did not move any side versus the dollar for buying and selling at Rs 154.56 and Rs 154.58. On Wednesday, the rupee sustained overnight levels versus the dollar for buying and selling at Rs 154.56 and Rs 154.58.

On Thursday, the rupee gained 10 paisas versus the dollar for buying and selling at Rs 154.46 and Rs 154.48. On Friday, the rupee slipped by three paisas versus the dollar for buying and selling at Rs 154.49 and Rs 154.50.

OPEN MARKET RATES: On Jan 27, the rupee was unchanged in relation to the dollar for buying and selling at Rs 154.60 and Rs 154.90. The rupee did not move any side in terms of the euro for buying and selling at Rs 170.00 and Rs 171.50.

On Jan 28, the rupee picked up 10 paisas in relation to the dollar for buying and selling at Rs 154.50 and Rs 154.80. The rupee was unmoved in terms of the euro for buying and selling at Rs 170.00 and Rs 171.50.

On Jan 29, the rupee showed no change in relation to the dollar for buying and selling at Rs 154.50 and Rs 154.80, they said. The rupee gained 40 paisas in terms of the euro for buying and selling at Rs 169.60 and Rs 171.10. Divestment.

On Jan 30, the rupee held the overnight levels in relation to the dollar for buying and selling at Rs 154.50 and Rs 154.80. The rupee shed 15 paisas in terms of the euro for buying and selling at Rs 169.75 and Rs 171.25.

On Jan 31, the rupee, however, rose by 20 paisas in relation to the dollar for buying and selling at Rs 154.30 and Rs 154.60, they said. The rupee followed suit, gaining five paisas in terms of the euro for buying and selling at Rs 169.70 and Rs 171.20, they said.

On Feb First, the rupee did not show any change in relation to the dollar for buying and selling at Rs 154.30 and Rs 154.60, they said. The rupee shed 45 paisas in terms of the euro for buying and selling at Rs 170.25 and Rs 171.75, they said.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the yen rose and the yuan fell in offshore trade on Monday as the death toll in China from the spread of a pneumonia-like virus mounted, raising worries authorities are struggling to contain the outbreak and sparking a bout of risk aversion.

In the offshore market, the yuan fell almost 0.5% to 6.9625 per dollar, its weakest since Jan 8. The dollar index against a basket of six major currencies was little changed at 97.830.

In the second Asian trade, the yuan was mired near its weakest level in a month in offshore trade on Tuesday as heightened anxiety about the economic impact of a deadly new coronavirus in China battered riskier assets.

The Japanese yen, considered a safe-haven, traded near a three-week high versus the dollar as investors nervously watched the spread of a virus that has already claimed 81 lives in China.

Global stocks and oil prices have tumbled over recent sessions on fears the virus could do further damage to China's already weakened economy, an engine of global growth.

The dollar was trading against the Indian rupee at Rs 71.330 and the greenback was available at 4.082 in terms of the Malaysian ringgit.

In the third Asian trade, the Riskier currencies steadied on Wednesday and demand for safe-havens ebbed, as investors waited for more news on the likely economic damage from a virus outbreak spreading from China.

The offshore yuan - heavily sold in recent days - was marginally stronger at 6.9551 per dollar, off Monday's 6.9900 to the dollar, which was its weakest in almost a month.

The dollar was trading against the Indian rupee at Rs 71.203 and the greenback was available at 4.078 in terms of the Malaysian ringgit.

In the fourth Asian trade, the dollar held near a two-month high against a basket of major currencies while the Australian dollar and the yuan were under pressure on Thursday as investors tried to shield themselves from assets that could be hit by China's virus epidemic.

The dollar is the best performing currency among G10 currencies so far this month, with the dollar index rising 1.6% in January to hit a two-month high.

It last stood at 98.033, flat on the day but not far from Wednesday's two-month high of 98.037.The yen and the Swiss franc, traditional safe-haven currencies, ranked a close second and third.

The yen traded at 109.06 yen per dollar, having gained 0.14% the previous day. The Japanese currency was down 0.3% against the dollar so far this month.

In the final Asian trade, Asian currencies steadied their slide on Friday, as World Health Organization confidence in China's response to a rapidly-spreading new virus tempered worries over a jump in infections.

The WHO said late Thursday that the coronavirus outbreak was a global emergency, but opposed travel restrictions and said China's actions so far will "reverse the tide" of its spread.

Despite an increase in deaths and new cases, the WHO's assured tone was enough to pause a rush to safety that has for two weeks pounded stocks and hammered currencies and commodities exposed to China.

The New Zealand dollar was 0.1% weaker and touched a two-month low of $0.6479. The Australian dollar, at $0.6720, was just above a four-month low hit overnight.

The dollar was trading against the Indian rupee at Rs 71.483 and the greenback was available at 4.086 in terms of the Malaysian ringgit.

In the final US trade, the safe-haven yen and Swiss franc gained on Friday as fears escalated about the global economic impact of the latest coronavirus outbreak in China last week.

The Australian dollar fell to a four-month low against the US dollar, while China's offshore yuan struggled to find a footing in the wake of the virus outbreak.

US data on consumer spending and personal income did push the dollar a little higher against the yen and euro, as core consumer prices as measured by the personal consumption expenditures (PCE) price index rose 0.2% last month after edging up 0.1% the previous four months. That lifted the annual increase in the so-called core PCE price index to 1.6% in December from 1.5% in November.

Copyright Business Recorder, 2020