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Currency Market Report

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Weekly Updates - Forex Weekly Report

 
 
Rupee/US Dollar
The US currency continued to show upbeat tone versus rupee in the kerb dealings amid demand of dollar increased in the local market this week. The American dollar started off new week’s trading at Rs.63/15, continued to post gains and was changing hands at Rs.63/25 at close of markets on Saturday. Thus, rupee incurred a loss of 0/10 paisas versus the greenback in the kerb. On the international desks, the dollar fell against the euro and dropped the most versus the yen in a week as a government report showed the U.S. lost jobs for a third straight month in March, increasing concern the economy is falling into a recession. An index tracking the dollar against six major counterparts fell for a third straight day as futures traders raised bets the Federal Reserve will cut borrowing costs by a half-percentage point this month. Currencies of commodity exporters including the Brazilian real, Australian dollar and Norwegian krone led advances against the dollar as raw-materials prices rose.
Rupee/Pound Sterling
Pound sterling kept posting gains against the local currency in the kerb market. The cable commenced new day’s trading at Rs.124/35, recorded major gains and was trading at Rs.125/55 at close of markets on Saturday. Thus, rupee incurred a loss of Rs.1/20 versus the British Pound.
Rupee/Euro
Euro showed a mix trend versus the local currency in the open market. However, rupee registered mere gains versus the single currency. The 15-nation currency commenced new day’s trading at Rs.99/40, shed mere grounds and changed hands at Rs.99/35 at close of markets. Thus, rupee recovered 0/05 paisas versus Euro in the kerb dealings this week.
Rupee/Japanese Yen
Yen remained loser versus rupee in the kerb dealings this week. Japanese Yen started off new week’s trading at 0/629, incurred losses and was changing hands at 0/619 at close of markets on Saturday.

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