Ru­pee turns in mixed per­for­mance

The Pak Banker - - FRONT PAGE -

LA­HORE: The ru­pee showed mixed sen­ti­ments against the dol­lar and euro in the lo­cal cur­rency mar­ket last week. While it con­tin­ued to weaken against the dol­lar ow­ing to slight pres­sure, largely the trad­ing range bound on the in­ter­bank mar­ket, the par­ity showed sta­ble trend due to smooth dol­lar sup­ply and traded al­most flat amid low de­mand in the open mar­ket. Against euro the lo­cal cur­rency recorded over­all gains, trad­ing in nar­row ranges.

On the in­ter­bank mar­ket, the ru­pee com­menced the week in mi­nus against the dol­lar due to slight de­mand pres­sure. It posted 16 paisas and 17 paisas loss on the buy­ing and sell­ing coun­ters at Rs104.69 and Rs104.73. The ru­pee ex­tended its overnight weak­ness for the se­cond straight day as it shed two paisas on the buy­ing counter, while re­tain­ing overnight rate un­changed on the sell­ing counter.

At the close of third ses­sion, the dol­lar surged to Rs104.79 and Rs104.81 against the ru­pee. In the fourth ses­sion as the ru­pee con­tin­ued its downslide and closed at Rs104.81 and Rs104.83. In the fifth trad­ing ses­sion, the ru­pee man­aged to re­cover two paisas on the buy­ing three paisas on the sell­ing coun­ters clos­ing the week at Rs104.79 and Rs104.80 against the dol­lar. Dur­ing the week, the dol­lar on the in­ter­bank mar­ket gained 26 paisas on the buy­ing and 24 paisas on the sell­ing coun­ters.

In the open mar­ket, the ru­pee posted a fresh gain of 10 paisas against the dol­lar which was chang­ing hands at Rs105.80 and Rs106.00 in the first trad­ing ses­sion against the pre­vi­ous week close of Rs105.90 and Rs106.10. In the se­cond trad­ing ses­sion, the ru­pee failed to hold the overnight firm­ness and slipped to its low­est in two weeks at Rs106.10 and Rs106.30, shed­ding 30 paisas against the dol­lar. The green­back re­bounded against ma­jor cur­ren­cies in over­seas trade fol­low­ing an agree­ment be­tween the world's top oil pro­duc­ers in­creased in­vestors' ap­petite for risk.

How­ever, the lo­cal cur­rency man­aged to stage a re­cov­ery against the dol­lar in the third ses­sion, trim­ming overnight losses by 10 paisas with dol­lar re­ced­ing to Rs106.00 and Rs106.20.

Suf­fi­cient dol­lar sup­plies matched de­mand in the fourth trad­ing ses­sion. In the last trad­ing ses­sion, the dol­lar lost 10 paisas al­low­ing the ru­pee to close the week flat at Rs105.90 and Rs106.10 from the prior week­end's level. On a week-on-week ba­sis the dol­lar did not show any change against the ru­pee in the open mar­ket last week.

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