Dollar shows some strength amid increased demand

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Forex Research - Open Market Comments

A slight increase in the price of dollar was seen in the open market today. The market which resumed its activity after a day’s break on account of Pakistan Day public holiday witnessed an increase in demand from customers which pushed national currency by 10 paisa. This increase in demand was usual as normally some rush of buying is seen after public holidays. The dollar was changing hands at Rs. 84/40 as compared to its last closing price of Rs. 84/50. The dollar also got support from its international market gains where was slightly higher against the euro in the Tuesday session, holding the single currency steady around the 1.35-figure. Weighing on the euro continues to be developments from the Eurozone over Greece’s deficit concerns. Economic reports released earlier in the session point toward further weakness in the US housing market, with existing home sales declining by 0.6%, albeit less than expected to 5.02 million units in February from 5.05 million units in January. Given tepid demand for homes, the January house price index reflected further deterioration with a decline of 3.3% and extending December’s 1.5% decrease in home prices. Meanwhile, the Richmond Fed manufacturing survey improved to a reading of 6 in March versus 2 in February. The services component improved to 0 compared with a reading of minus 15 previously.


Source : Kalpoint Content Department


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