The rupee drifted lower against the dollar and euro on the currency market during the week, ended on January 28, 2012. In the interbank dealings, the rupee shed five paisa against the dollar for buying at 90.22 and it also slipped by six paisa for selling at 90.26.
On the open market, the rupee fell versus the dollar as it dropped by 15 paisa for buying and selling at 90.25 and 90.45, the rupee followed same print, losing Rs 1.40 for buying and selling at Rs 117.83 and Rs 118.33.
The rupee moved both ways on the currency market in process of trading. The dollar supply was good, which did not all the rupee to fall sharply against the greenback.
INTER-BANK RATES: On Monday, the rupee shed five paisa against the dollar for buying and selling at 90.17 and 90.20. On Tuesday, the rupee continued its fall versus the dollar, losing more five paisa for buying at 90.22 and 90.24. On Wednesday, the rupee, however, managed to recover versus the dollar, picking up six paisa for buying and selling at 90.16 and 90.18. On Thursday, the rupee shed six paisa in terms of the dollar for buying and selling at 90.22 and 90.26.
On Friday, the rupee was firm as it did not show any change in terms of the dollar for buying and selling at 90.22 and 90.26,
OPEN MARKET RATES: On January 23, the rupee was down by 10 paisa in terms of the dollar for buying and selling at 90.40 and 90.60, the rupee also lost 26 in relation to the euro for buying and selling at Rs 116.43 and Rs 116.93. On January 24, the rupee inched up in terms of the dollar, gaining five paisa for buying and selling at 90.35 and 90.55, the rupee fluctuated slightly versus the euro at Rs 117.44 and Rs 117.94. On January 25, the rupee was up by five paisa in relation to the dollar for buying and selling at 90.30 and 90.50 and the rupee also appreciated in terms of the euro, gaining 44 paisa for buying and selling at Rs 117.00 and Rs 118.00. On January 26, the rupee gained 10 paisa in relation to the dollar for buying and selling at 90.20 and 90.40. The rupee, however, fell against the euro for buying and selling at Rs 117.73 and Rs 118.23.
On January 27, the rupee shed five paisa in relation to the dollar for buying and selling at 90.25 and 90.45. The rupee also continued its decline against the euro, losing 10 paisa for buying and selling at Rs 117.83 and Rs 118.33.
On January 28, the rupee gained five paisa in relation to the dollar for buying and selling at 90.20 and 90.40, they said. The rupee, however, fell against the euro, losing 83 paisa for buying and selling at Rs 118.70 and Rs 119.70.
OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the euro wobbled after Athens and its private creditors failed to agree on a debt swap deal that is vital to avert a chaotic default for Greece.
Private creditors said on Sunday they had come to the limits of what losses they could concede in a Greek debt swap, putting the ball in the court of the European Union and the IMF.
In the second Asian trade, the euro struggled to stay above the $1.300 level against the dollar after slithering from a three-week peak on news that euro zone finance ministers rejected an offer by private creditors to restructure Greek debt, keeping alive default fears.
The euro slipped as low as $1.2987 before steadying at $1.3005. On Monday, it had jumped more than 1 percent to a high of $1.3053 on the EBS trading platform as hopes of an eventual Greek deal drove a wave of short-covering.
In the third Asian trade, the yen dropped to one-month lows against the dollar and the euro, as traders took data showing Japan had logged its first annual trade deficit since 1980 as a cue to snap up gains in the Japanese currency.
Selling in the yen picked up steam on the back of unwinding of yen long positions placed by speculators, with model and macro funds also spotted pressuring the Japanese unit.
In the fourth Asian trade, the dollar gave back some of its gains against the yen and extended losses to hit a fresh five-week low against the euro after a more dovish-than-expected outcome to the Federal Reserve's latest meeting pressured it overnight.
Inter bank buy/sell rates for the taka against the dollar on Thursday. 84.43-84.45 (previous 84.42-84.43) Call Money Rates: 12.00-20.00 percent (previous 13.00-20.00 percent).
The dollar versus the Indian rupee was at Rs 50.09, the dollar was greenback was trading at 3.0380 versus the Malaysian and dollar was 6.3332 in terms of the Chinese yuan.
In the final session of Asian trade, the yen was on track to post its biggest daily gain in a month against the dollar, as exporters stepped up month-end purchases and hedge funds piled in, triggering stop losses, traders said.
Japanese corporates sold the dollar which had been drifting lower after hitting a two-month high this week. This prompted hedge funds to follow suit, pushing the greenback through support at its 100-day moving average of 72.20 yen.
The dollar was trading versus the Indian rupee at Rs 49.57. versus the Malaysian ringgit, it was at 3.0380 and it was at 6.333 in terms of the Chinese yuan.
At the week-end, the euro surged to its highest level against the dollar in 6-1/2 weeks as optimism that Greece and its creditors will soon come to an agreement and avoid a messy default had investors scrambling to cover short positions in the single currency.
Data indicating a bumpy road ahead for the US economy and a downgrade of five euro zone sovereigns by Fitch Ratings agency kept trading extremely choppy.