THE RUPEE : Marginal changes

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SOURCEBusiness Recorder
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KARACHI: The rupee showed minor changes against the dollar on the money market during the week, ended on Nov 30, 2019.

INTER-BANK MARKET RATES: The rupee picked up slightly in relation to the dollar for buying and selling at Rs 155.24 and Rs 155.25.

OPEN MARKET RATES: The rupee was almost unchanged versus the dollar for buying and selling at Rs 155.30 and Rs 155.50, they said. The rupee was showed variation against the euro for buying and selling at Rs 170.30 and Rs 172.00.

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Commenting on the performance of the dollar, marketmen said that the rupee moved cautiously in terms of the greenback during the week.

It is very much likely that the rupee may fluctuate but not sharply, they expect.

INTER-BANK MARKET RATES: On Monday, the rupee shed two paisas in relation to the dollar for buying at Rs 155.30 while the rupee was unmoved for selling at Rs 155.32.

Also Read: THE RUPEE: Rates almost inert

On Tuesday, the rupee slipped by two paisas in relation to the dollar for buying and selling at Rs 155.32 and Rs 155.34 respectively, they said.

On Wednesday, the rupee held the overnight levels in terms of the dollar for buying and selling at Rs 155.32 and Rs 155.34.

On Thursday, the rupee did not show any change in relation to the dollar for buying and selling at Rs 155.32 and Rs 155.34, they said.

On Friday, the rupee managed to gain 10 paisas in relation to the dollar for buying and selling at Rs 155.24 and Rs 155.25, they said.

OPEN MARKET RATES: On Nov 25, the rupee did not move any side versus the dollar for buying and selling at Rs 155.30 and Rs 155.60. The rupee appreciated sharply in relation to the euro for buying and selling at Rs 170.00 and Rs 172.00.

On Nov 26, the rupee gained 10 paisas versus the dollar for buying and selling at Rs 155.20 and Rs 155.50 respectively, they said. The rupee depreciated by 70 paisas against the euro for buying and selling at Rs 170.00 and Rs 172.00 respectively, they said.

On Nov 27, the rupee lost 20 paisas in relation to the dollar for buying and selling at Rs 155.40 and Rs 155.70 respectively, they said. The rupee was trading versus the euro for buying and selling at Rs 170.60 and Rs 172.10 respectively, they observed.

On Nov 28, the rupee was almost unchanged versus the dollar for buying and selling at Rs 155.40 and Rs 155.70. The rupee was up by 10 paisas against the euro for buying and selling at Rs 170.50 and Rs 172.00.

On Nov 29, the rupee did not move any side versus the dollar for buying and selling at Rs 155.40 and Rs 155.70, they said. The rupee was higher by 10 paisas against the euro for buying and selling at Rs 170.40 and Rs 172.00, they said.

On Nov 30, the rupee picked up 10 paisas versus the dollar for buying at Rs 155.30 while it gained 20 paisas for selling at Rs 155.50, they said. The rupee was almost unchanged against the euro for buying and selling at Rs 170.30 and Rs 172.00, they said.

OVERSEAS OUTLOOK FOR DOLLAR: In the first Asian trade, the dollar and export-focused currencies found support on Monday as positive signs for the US economy and upbeat headlines on US-China trade talks boosted investor confidence.

The pound climbed, too, on hopes for an imminent Brexit and an end to years of political paralysis.

The day’s mood – tempered with weariness at the flow of trade news – was best illustrated by the New Zealand dollar. It rose 0.4% against the safe-haven Japanese yen to 69.83 yen.

Sterling rose 0.1% to $1.2847, after British Prime Minister Boris Johnson, whose Conservative Party leads in opinion polls ahead of the Dec. 12 election, promised to bring a deal to leave the European Union to parliament before Christmas.

The dollar was at Rs 71.618 versus the Indian rupee, the greenback was available at 4.173 in terms of the Malaysian ringgit and the US was at 7.034 in relation to the Chinese yuan.

In the second session,

In the third Asian trade, the dollar posted modest gains on Wednesday, as traders looked ahead to a possible outcome to drawn out US-China trade talks, while a forecast for monetary policy easing knocked the Aussie.

Against the yen, the dollar traded at 109.12 yen, off a two-week high of 109.205 hit on Tuesday. The greenback had found support on signs Washington and Beijing were moving closer to signing a deal to end their 16-month trade spat.

The dollar was available against the Indian rupee at Rs 71.408, the greenback was at 4.180 in terms of the Malaysian ringgit and the US dollar was trading versus the Chinese yuan at 7.030. In the fourth Asian trade, the safe-haven yen rose against the dollar after US President Donald Trump signed into law support for anti-government protesters in Hong Kong, which could complicate efforts to end the US-China trade war.

That caused the yuan to fall in offshore trade on mounting worries that months of often violent protest against Chinese rule of the former British colony potentially will worsen already fractious relations between Washington and Beijing.

The Swiss franc and gold also rose on Thursday as investors sought other safe harbours due to concerns about a potential increase in geopolitical risk.

In response to the US move, China’s foreign ministry said it resolutely opposed the law and threatened to take firm counter-measures, complicating efforts to scale back a 16-month long trade war between the world’s two-largest economies.

The dollar was available against the Indian rupee at Rs 71.500, the greenback was at 4.172 in terms of the Malaysian ringgit and the US currency was at 7.027 in relation to the Chinese yuan.

In the final Asian trade, the dollar was headed on Friday for its highest weekly finish against the safe-haven yen since May, as data showing the US economy is on a firm footing had investors scaling back rate-cut bets.

Nerves persisted though, as other major currencies spent the week range-bound, navigating a blizzard of trade war headlines that offered few clues as to when or how a truce might be agreed between Washington and Beijing.

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The dollar was available versus the Indian rupee at Rs 71.718, the greenback was at 4.171 in terms of the Malaysian ringgit and the US currency was trading at 7.033 against the Chinese yuan.

In the final US trade, the dollar gave up early gains to trade slightly lower on the day against a basket of currencies on Friday as a still unsigned partial US-China trade deal kept investors on edge and the shortened holiday week limited currency moves.

The dollar index, which compares the greenback against six other major currencies, was down 0.12% at 98.253. Earlier in the session, the index rose as high as 98.544, its highest since Oct. 15. For the week, the index was about flat.

(This news/article originally appeared in Business Recorder on December 2nd, 2019)

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