GNN - A handsome recovery was witnessed on the currency market as the rupee posted fresh gains against the dollar amid shortened week, ended on 8 November 2014. In the interbank market, the rupee posted fresh gains of 55 paisa against the dollar for buying and selling at Rs 102.30 and Rs 102.35.In the open market, the rupee picked up 90 paisa in relation to the dollar for buying and selling at Rs 101.70 and Rs 101.90. The also gained Rs 1.75 versus the euro for buying and selling at Rs 126.25 and Rs 126.50.
The rupee managed to go up versus the dollar on comfortable supply of dollar following the news that the
International Monetary Fund (IMF) loan is likely in the coming weeks.
After the positive development on the economic front and an apparent peace on the political side particularly, shed in hue and cry over Dharnas from PTI and PAT.
In the international market, the dollar is gaining ground owing to several factors. Encouraging news, made the rupee able to rise against the dollar.
INTER-BANK MARKET RATES: In the two beginning sessions, the money market was closed due to Ashura holidays. On Wednesday, the rupee moved slightly up versus the dollar, gaining five-paisa in terms of the dollar for buying at Rs 102.85 and it also picked up three-paisa for selling at Rs 102.90.
On Thursday, the rupee picked up 38 paisa in relation to the dollar for buying and selling at 102.47 and Rs 102.50. On Friday, the rupee picked recovered more 17 paisa in terms of the dollar for buying and selling at 102.30 and Rs 102.35.
OPEN MARKET RATES: On November 5, the rupee appreciated by five-paisa in relation to the dollar for buying and selling at Rs 102.80 and Rs 103.00 respectively. The rupee also gained 50-paisa against the euro for buying and selling at Rs 128.50 and Rs 128.75.
On November 6, the rupee also posted fresh gains in terms of the dollar for buying and selling at Rs 102.40 and Rs 102.60. The rupee appreciated in relation to the euro, gaining 50 paisa for buying and selling at Rs 128.00 and Rs 128.25.
On November 7, the rupee also picked up 40 paisa versus the dollar for buying and selling at Rs 102.00 and Rs 102.20. The rupee showed steep gains against the euro, picking up Rs 2 for buying and selling at Rs 126.00 and Rs 126.25.
On November 8, the rupee shed 30 paisa versus the dollar for buying and selling at Rs 101.70 and Rs 101.90. The rupee, however, showed weakness in terms of the euro, losing 25 paisa for buying and selling at Rs 126.25 and Rs 126.50.
WORLD OUTLOOK FOR DOLLAR: In the first Asian trade, the yen fell to a fresh seven-year low against the dollar, extending a massive sell-off sparked by the
Bank of Japan’s surprise decision to boost its already huge bond-buying stimulus. Sellers also took aim at the Australian dollar following a weak official survey on
China’s manufacturing sector and a surprisingly large fall in Australian building approvals, while the euro hit a fresh two-year low against the greenback.
The dollar was trading against the
Indian rupee at Rs 61.45, the greenback was at 3.3085 in terms of the
Malaysian ringgit and the
US currency was at 6.1171.
In the second Asian trade, the dollar edged lower versus the yen, taking a breather after surging to a seven-year high the previous day in the wake of last week’s surprise monetary easing by the Bank of Japan. The dollar fell 0.4 percent to 113.55 yen. It rose to a high of 114.21 yen on Monday, its strongest level since December 2007 and nearing that month’s peak of 114.66 yen.
The greenback was at Rs 61.40 versus the Indian rupee, the dollar was at 3.3240 against the Malaysian ringgit and
the US currency was at 6.1172 in relation to the
Chinese yuan.
In the third Asian trade, the dollar nursed modest losses as investors took some profits on a four-session rally that swept the greenback to multi-year highs, while the euro was helped by report of a rift at the
European Central Bank over its easing strategy.
The dollar was trading against the Indian rupee at Rs 61.36, the greenback was at 3.3355 versus the Malaysian ringgit and the US currency was at 6.111 in terms of the Chinese yuan. Inter bank buy/sell rates for the taka against the dollar on Wednesday: 77.40-77.41 (previous 77.40-77.42). Call Money Rates: 06.75-08.75 percent (Previous 06.75-08.75 percent).
In the fourth Asian trade, the dollar rose to a fresh seven-year high against the yen after upbeat U.S. jobs-related data added to the allure of the greenback, already on a bullish footing thanks to a further divergence in US and Japanese monetary policies.
The dollar was trading against the Indian rupee at Rs 61.41, the greenback was available at 3.3355 in terms of the Malaysian ringgit and the US currency was at 6.1140 versus the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Thursday. 77.40-77.41 (previous 77.40-77.41). Call Money Rates: 06.85-08.75 percent (Previous 06.75-08.75 percent).
In the final session, the dollar held near a four-year high against a basket of major currencies, with its near-term fortunes hinging on whether US jobs data will add to or temper optimism about the US economy’s outlook.
The dollar has been flying high, buoyed by the view that the
US Federal Reserve is on course to raise rates next year on the back of a steadily recovering US economy.
The dollar was trading against the Indian rupee at Rs 61.54. the greenback was at 3.3450 in terms of the Malaysian ringgit and the US currency was available at 6.1158 versus the Chinese yuan.
At the week-end, the dollar fell after a solid but below-expectation October US jobs report as investors took profits on the greenback’s months-long rally that has taken it to multi-year highs in anticipation of tighter US monetary policy next year.
US non-farm payrolls grew at a fairly brisk 214,000 pace, but this was under economists’ forecasts for 231,000. The jobless rate dropped to a fresh six-year low of 5.8 percent.
Recorder,aip
