Ru­pee rises against dol­lar, euro

The Pak Banker - - FRONT PAGE -

LA­HORE: The lo­cal cur­rency mar­ket wit­nessed range­bound trad­ing amid lack­lus­tre ac­tiv­i­ties last week. The ru­pee mostly traded in the pos­i­tive zone against the dol­lar in the in­ter­bank deal­ings, while the par­ity traded flat in the open mar­ket. The de­mand for dol­lar was low that matched com­fort­able sup­plies. Though the ru­pee seems to have sta­bilised against the dol­lar at Rs106 in re­cent weeks, lead­ing an­a­lysts have ex­pressed their fear that the dol­lar could rise to Rs108 in the se­cond half of half of 2016 af­ter re­main­ing in Rs105.90 and Rs106.20 band in the first quar­ter. Ow­ing to de­mand pres­sure from oil im­porters and of cor­po­rate pay­ments, the ru­pee posted five paisa loss in the first trad­ing ses­sion with the dol­lar chang­ing hands at Rs104.84 and Rs104.85 against the last clos­ing of Rs104.79 and Rs104.80.

In the se­cond trad­ing ses­sion, the ru­pee man­aged to re­cover five paisas against the dol­lar at Rs104.79 and Rs104.81. For the se­cond straight day, the ru­pee ex­tended gains amid low dol­lar de­mand. It picked up 12 paisas and pushed the dol­lar down to Rs104.67 and Rs104.70.

In the fourth trad­ing ses­sion,the dol­lar con­tin­ued its downslide ver­sus the ru­pee for the third suc­ces­sive day and slipped to a ten-day low at Rs104.65 and Rs104.68 af­ter the ru­pee inched up by an­other two paisas. On week-on-week ba­sis, the dol­lar in the in­ter­bank deal­ings suf­fered a loss of up to 19 paisas against the ru­pee. In Fe­bru­ary, the dol­lar in the in­ter­bank mar­ket lost 33 paisa against the ru­pee as com­pared to 17 paisa ap­pre­ci­a­tion in Jan­uary. In the open mar­ket, the ru­pee showed a sta­ble trend against the dol­lar through­out the last week af­ter com­menc­ing in a neg­a­tive mode.

It shed 10 paisa in the first trad­ing ses­sion to Rs106.00 and Rs106.20 from the last clos­ing level of Rs105.90 and Rs106.10. In the se­cond trad­ing ses­sion, the ru­pee sus­tained the overnight firm­ness and traded un­changed at Rs106.00 and Rs106.20 for three straight ses­sions due to dull trad­ing ac­tiv­i­ties in the stock mar­ket. How­ever, sud­den pickup in de­mand for im­port pay­ments in the last trad­ing ses­sion pushed up the dol­lar value against the ru­pee. At the close of the week, the dol­lar was seen chang­ing hands against the ru­pee at Rs106.10 and Rs106.30. Against euro, the ru­pee re­mained fluc­tu­ated in a nar­row band of Rs116.25/60 and Rs117.25/60.

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