Markets Print edition: 2017-02-03

THE RUPEE: firm trend

Published February 3, 2017 Updated February 3, 2017 12:00am

The rupee firmly held the overnight levels against the dollar on the money market on Thursday in the process of trading, dealers said.
In the fourth Asian trade, the dollar slipped, edging back toward recent lows after the Federal Reserve disappointed investors hoping for a more hawkish policy stance, while the Australian dollar rallied after data showed that nation had booked a record trade surplus last month.
The Aussie gained 0.6 percent to $0.7620, after earlier scaling $0.730, its loftiest peak since November 2016.
Data from the Australian Bureau of Statistics showed a trade surplus of A$3.51 billion ($2.68 billion) in December, handily outpacing forecasts of A$2.2 billion, as surging commodity prices showered the resource-rich nation in cash.
The Fed on Wednesday presented a relatively upbeat view of the US economy at its first meeting since President Donald Trump took office, though the greenback came off session highs overnight when policy makers noted some market-based measures of inflation were still low.
The dollar index, which tracks the US currency against a basket of six major rivals, edged slightly lower to 99.607, back toward a more than seven-week low of 99.430 plumbed on Tuesday. Against the yen, the dollar was buying 113.03, down 0.2 percent though well above Tuesday's low of 112.08, while the euro edged up 0.1 percent to $1.07820.
The dollar was trading against the Indian rupee at Rs 67.41, the US currency was available at 4.4360 in terms of the Malaysian ringgit and the greenback was at 6.8807 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday: 79.12-79.14 (previous 79.12-79.12).
The rupee also maintained its last levels in terms of the euro for buying and selling at Rs 116.00 and Rs 117.70 respectively, they said.



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Open Bid Rs.107.70
Open Offer Rs.107.90
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Bid Rate Rs.104.80
Offer Rate Rs.104.82
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According to currency dealers, the US dollar commenced trading on a negative note and remained under selling pressure during the day's trading session. At the close, it further slid its worth to Rs 107.50 and Rs 108.10 on buying and selling counters, respectively, as compared to the overnight closing rates of Rs 107.95 and Rs 108.20, respectively, they added.
On the contrary, the local currency remained under pressure for the second consecutive day versus the pound sterling. The pound's buying and selling rates further rose from the Wednesday's closing rates of Rs 135.00 and Rs 136.00 to Rs 135.20 and Rs 136.30, respectively, they said.
The dollar opened at Rs 108.30 (buying) and Rs 108.40 (selling) against same last rate. Dollar closed at Rs 108.30 (buying) and Rs 108.40 (selling).
Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It did not observe further change in the second session and closed at Rs 130 (buying) and Rs 131.50 (selling).