Ru­pee strength­ens ver­sus dol­lar

The Pak Banker - - COMPANIES/BOSS - Staff Reporter

The cur­rency mar­ket lacked trad­ing in­ter­est last week. Ses­sions were re­duced to four due to Kash­mir Day hol­i­day on Fe­bru­ary 5. The ru­pee showed a firm trend against the dol­lar. Against euro, the lo­cal cur­rency showed some sharp fluc­tu­a­tions, how­ever.

Com­menc­ing the week in mi­nus, the ru­pee shed three­paisa against the dol­lar in the first trad­ing ses­sion af­ter the dol­lar surged to Rs104.93 and Rs104.95 from the prior week­end level of Rs104.90 and Rs104.92 due to a marginal rise in dol­lar de­mand.

How­ever, the ru­pee in the se­cond ses­sion traded at Rs104.90 and Rs104.93 af­ter pick­ing up three paisas on the buy­ing counter and two paisas on the sell­ing counter.

Con­tin­u­ing up­ward ad­vances, the ru­pee on the third day posted fresh gains of 11 paisas that pushed the dol­lar to a five-week low at Rs104.79 and Rs104.82.

Against euro, the lo­cal cur­rency showed sharp fluc­tu­a­tions The de­mand for im­port pay­ments re­mained lack­lus­tre due to fall­ing in­ter­na­tional oil prices and at the same time, weak­ness of dol­lar in the over­seas mar­ket and easy for­eign in­flows boosted the value of ru­pee against the dol­lar.

The ru­pee posted 25 paisas gain in the fourth trad­ing ses­sion and closed at Rs104.55 and Rs104.57, hit­ting its high­est level in the past seven weeks. Dur­ing the week in re­view, the dol­lar in the in­ter­bank deal­ings lost 35 paisas in re­la­tion to the ru­pee on week-on-week ba­sis. In the open mar­ket, the ru­pee turned pos­i­tive against the dol­lar af­ter com­menc­ing the week on a neg­a­tive note amid lack­lus­ter trade.

Sup­plies were suf­fi­cient to cover de­mand. Lead­ing cur­rency deal­ers kept to the side­lines. The dol­lar traded in a nar­row range be­tween the high of Rs106.50/70 and low of Rs106.20/40. The dol­lar in the lo­cal mar­ket plunged to a twoweek low be­fore clos­ing the week at Rs106.20 and Rs106.40.

Dur­ing the week, the ru­pee gained 30 paisas in three ses­sions while in one ses­sion it lost 10 paisas on the buy­ing counter and five paisas on the sell­ing counter. On week-on-week ba­sis, the dol­lar lost up to 25paisa against the ru­pee in the open mar­ket last week. Against euro, the lo­cal cur­rency showed sharp fluc­tu­a­tions, trad­ing in wider range last week. It turned neg­a­tive in the open­ing ses­sion, post­ing 20 paisas loss in the first trad­ing ses­sion.

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