Rupee : Divergent trend in currency markets
THE RUPEE: divergent trend in currency market
KARACHI (December 25 2006): The rupee during last week ending December 23, 2006 firmly held on to its prevailing levels in relation to dollar despite strong demand for the US currency.
In the interbank market, the rupee shed three paisa against dollar for buying at Rs 60.93 and four paisa for selling at Rs 60.95, while in the open market it picked up 10 paisa for buying at Rs 60.90 and seven paisa for selling at Rs 60.98, dealers said
In terms of euro, the rupee went up by 15 paisa at Rs 79.40 and Rs 79.50 for buying and selling, respectively, they said.
Currency analysts said that the rupee was able to maintain stability in terms of dollar following remarks by the State Bank of Pakistan (SBP) Governor ruling out any devaluation in the rupee value.
An aiding factor for the rupee firmness versus dollar was the rising supply of the US currency in the shape of remittances by overseas Pakistanis, especially on the occasion of Eid-ul-Azha, they said.
According to SBP's weekly statement, total liquid foreign exchange reserves stood at 12,721.6 million dollars.
INTER-BANK RATES: On Monday, the rupee shed 4 paisa against dollar for buying and selling at Rs 60.92 and Rs 60.94, respectively.
On Tuesday, the rupee lost 2 paisa in terms of dollar for buying and selling at Rs 60.94 and Rs 60.96, respectively.
On Wednesday, the rupee firmly held on to its overnight levels in relation to dollar for buying and selling at 60.95 and 60.96, respectively.
On Thursday, the rupee posted fresh gain of 4 paisa versus dollar for buying and selling at Rs 60.91 and Rs 60.92, respectively.
On Friday, the rupee lost 3 paisa in terms of the US currency for buying and selling at Rs 60.94 and Rs 60.95.
On Saturday, the rupee almost on to held its overnight levels versus dollar for buying and selling at 60.93 and 60.95.
INTERNATIONAL MARKETS: On Monday, the dollar failed to maintain its firmness in terms of leading currencies.
On Tuesday, the yen fell after the Bank of Japan (BoP) Governor, Toshihiko Fukui, said that Japanese consumption and consumer prices had softened, raising doubts about whether the central bank would raise the rates in January. The dollar/yen rose to around 118.20 yen from 117.95 yen, before Fukui's comments.
On Wednesday, the European currency punched to record high in terms of yen and also posted fresh gain versus dollar on the back of an upbeat survey of German business sentiment, increasing expectations for higher euro zone interest rates next year.
On Thursday, the dollar remained firm against major currencies. At the weekend, the dollar idled as traders consolidated positions in thinning year-end trade as caution prevailed before a blast of US data that may offer more clues on whether the Federal Reserve will trim interest rates next year. The dollar was higher in relation to other major currencies.
OPEN MARKET RATES: On December 18, the rupee stayed put versus dollar for buying at Rs 61.00 and picked up 5 paisa for selling at Rs 61.05, dealers said.
The rupee gained 10 paisa versus euro for buying and selling at Rs 79.55 and Rs 79.65, respectively, they added.
On December 19, the rupee did not show any change against dollar for buying and selling at 61.00 and 61.05, respectively, while it shed 5 paisa against euro for buying and selling at Rs 79.60 and Rs 79.70, respectively, dealers said.
On December 20, the rupee lost sharply against euro, shedding 75 paisa for buying and selling at Rs 80.35 and Rs 80.45, while it did not move to any side against dollar for buying at 61.00 but shed 2 paisa for selling at 60.07, they said.
On December 21, the rupee picked up 4 paisa for buying and selling at 60.96 and at 61.03, and gained 31 paisa against euro for buying and selling at Rs 80.04 and Rs 80.10, respectively, they added.
On December 22, the rupee gained 7 paisa against dollar for buying and selling at 60.87 and 60.97, dealers said, and picked up 19 paisa against euro for buying and selling at Rs 79.85 and Rs 79.95, they added.
On December 23, the rupee shed 3 paisa against dollar for buying at 60.90 and one paisa for selling at 60.98, while picking up 45 paisa versus euro for buying and selling at Rs 79.40 and Rs 79.50, dealers said.
KARACHI (December 25 2006): The rupee during last week ending December 23, 2006 firmly held on to its prevailing levels in relation to dollar despite strong demand for the US currency.
In the interbank market, the rupee shed three paisa against dollar for buying at Rs 60.93 and four paisa for selling at Rs 60.95, while in the open market it picked up 10 paisa for buying at Rs 60.90 and seven paisa for selling at Rs 60.98, dealers said
In terms of euro, the rupee went up by 15 paisa at Rs 79.40 and Rs 79.50 for buying and selling, respectively, they said.
Currency analysts said that the rupee was able to maintain stability in terms of dollar following remarks by the State Bank of Pakistan (SBP) Governor ruling out any devaluation in the rupee value.
An aiding factor for the rupee firmness versus dollar was the rising supply of the US currency in the shape of remittances by overseas Pakistanis, especially on the occasion of Eid-ul-Azha, they said.
According to SBP's weekly statement, total liquid foreign exchange reserves stood at 12,721.6 million dollars.
INTER-BANK RATES: On Monday, the rupee shed 4 paisa against dollar for buying and selling at Rs 60.92 and Rs 60.94, respectively.
On Tuesday, the rupee lost 2 paisa in terms of dollar for buying and selling at Rs 60.94 and Rs 60.96, respectively.
On Wednesday, the rupee firmly held on to its overnight levels in relation to dollar for buying and selling at 60.95 and 60.96, respectively.
On Thursday, the rupee posted fresh gain of 4 paisa versus dollar for buying and selling at Rs 60.91 and Rs 60.92, respectively.
On Friday, the rupee lost 3 paisa in terms of the US currency for buying and selling at Rs 60.94 and Rs 60.95.
On Saturday, the rupee almost on to held its overnight levels versus dollar for buying and selling at 60.93 and 60.95.
INTERNATIONAL MARKETS: On Monday, the dollar failed to maintain its firmness in terms of leading currencies.
On Tuesday, the yen fell after the Bank of Japan (BoP) Governor, Toshihiko Fukui, said that Japanese consumption and consumer prices had softened, raising doubts about whether the central bank would raise the rates in January. The dollar/yen rose to around 118.20 yen from 117.95 yen, before Fukui's comments.
On Wednesday, the European currency punched to record high in terms of yen and also posted fresh gain versus dollar on the back of an upbeat survey of German business sentiment, increasing expectations for higher euro zone interest rates next year.
On Thursday, the dollar remained firm against major currencies. At the weekend, the dollar idled as traders consolidated positions in thinning year-end trade as caution prevailed before a blast of US data that may offer more clues on whether the Federal Reserve will trim interest rates next year. The dollar was higher in relation to other major currencies.
OPEN MARKET RATES: On December 18, the rupee stayed put versus dollar for buying at Rs 61.00 and picked up 5 paisa for selling at Rs 61.05, dealers said.
The rupee gained 10 paisa versus euro for buying and selling at Rs 79.55 and Rs 79.65, respectively, they added.
On December 19, the rupee did not show any change against dollar for buying and selling at 61.00 and 61.05, respectively, while it shed 5 paisa against euro for buying and selling at Rs 79.60 and Rs 79.70, respectively, dealers said.
On December 20, the rupee lost sharply against euro, shedding 75 paisa for buying and selling at Rs 80.35 and Rs 80.45, while it did not move to any side against dollar for buying at 61.00 but shed 2 paisa for selling at 60.07, they said.
On December 21, the rupee picked up 4 paisa for buying and selling at 60.96 and at 61.03, and gained 31 paisa against euro for buying and selling at Rs 80.04 and Rs 80.10, respectively, they added.
On December 22, the rupee gained 7 paisa against dollar for buying and selling at 60.87 and 60.97, dealers said, and picked up 19 paisa against euro for buying and selling at Rs 79.85 and Rs 79.95, they added.
On December 23, the rupee shed 3 paisa against dollar for buying at 60.90 and one paisa for selling at 60.98, while picking up 45 paisa versus euro for buying and selling at Rs 79.40 and Rs 79.50, dealers said.
posted by Howard at
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