Ru­pee re­mains steady ver­sus dol­lar

The Pak Banker - - COMPANIES/BOSS - Staff Reporter

The lo­cal cur­rency mar­ket wit­nessed dull trad­ing ac­tiv­ity for the se­cond con­sec­u­tive week with the ru­pee/dol­lar par­ity ex­hibit­ing mi­nor vari­a­tions, trad­ing both ways.

Dol­lar sup­plies were suf­fi­cient to cover lack­lus­tre de­mand in the in­ter­bank deal­ings as well as open mar­ket where the dol­lar and euro con­tin­ued to show slight strength dur­ing the week. Forex deal­ers are of the view that do­mes­tic equity mar­ket sup­ported the ru­pee, but dol­lar's strength against other ma­jor cur­ren­cies lim­ited the gains.

An­a­lysts pro­ject that the dol­lar is likely to trade at Rs106.00 by the end of the first quar­ter but they fear that it might cross Rs108 mark by the end of the fourth quar­ter.

On the in­ter­bank mar­ket, the ru­pee/dol­lar par­ity hov­ered in nar­row range against the dol­lar last week with the ru­pee mov­ing both ways and show­ing mi­nor changes against the dol­lar. Af­ter trad­ing al­most flat at Rs104.91 and Rs104.93 on the in­ter­bank mar­ket in the prior week that ended Jan­uary 16, the par­ity com­menced the week on a neg­a­tive note with the ru­pee los­ing three paisas on the buy­ing counter and two paisas on the sell­ing counter, trad­ing against the dol­lar at Rs104.94 and Rs104.95 in the first trad­ing ses­sion.

There were suf­fi­cient dol­lar sup­plies to meet de­mand for mak­ing im­port pay­ments. Dur­ing the week in re­view, there were suf­fi­cient dol­lar sup­plies to meet de­mand for mak- ing im­port pay­ments.

The cen­tral bank kept pro­vid­ing dol­lars to the com­mer­cial banks for sup­port­ing the ru­pee from fall­ing against the green­back. Against the ru­pee, the dol­lar in the in­ter­bank mar­ket, how­ever, closed the week with a gain of three paisas on the buy­ing counter and an­other two paisas rise on the sell­ing counter on week on week ba­sis.

In the open mar­ket, the par­ity traded range bound last week. The ru­pee traded al­most flat against the dol­lar in the first trad­ing ses­sion, re­tain­ing prior week­end level un­changed at Rs106.10 and Rs106.30. In the se­cond trad­ing ses­sion, the dol­lar was seen chang­ing hands at Rs106.10 and Rs106.40.

The par­ity did not show any change in the third trad­ing ses­sion as the ru­pee con­tin­ued to trade flat against the dol­lar for the se­cond day in a row at Rs106.10 and at Rs106.40. The ru­pee, how­ever, lost 10 paisas in the fourth trad­ing ses­sion that en­abled the dol­lar to hit five-week highs at Rs106.20 and at Rs106.50. The dol­lar was last seen trad­ing on this level on De­cem­ber 21, last year.

The ru­pee staged a re­cov­ery against the dol­lar in the last trad­ing ses­sion, end­ing the week on a firm note. It posted 10 paisas gain be­fore clos­ing the week at Rs106.10 and at Rs106.40. On week on week ba­sis, the dol­lar in the open mar­ket gained ten paisas on the sell­ing counter while trad­ing flat against the ru­pee on the buy­ing counter.

Against euro, the ru­pee traded both ways be­tween the low of Rs116.25/117.25 and high of Rs115.80/116.80. Dur­ing the week, the ru­pee man­aged to gain 50 paisas against euro on week-on-week ba­sis.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.