Currency Market Report

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Weekly Updates - Forex Weekly Report


Rupee/US Dollar
Strong demand helped the US currency to post significant grounds versus rupee in the kerb market this week. The American currency commenced new week’s trading at Rs.62/90, posted major gains and was changing hands at Rs.63/15 at close of markets on Saturday. Thus, the national currency recorded a loss of 0/25 paisas versus greenback in the open market. In the international desks, the dollar posted the biggest weekly drop against the euro in more than two years as traders increased bets the Federal Reserve will cut borrowing costs further while the European Central Bank holds rates steady. The currency fell against most of its major counterparts this week as reports showed U.S. manufacturing and housing weakened while German and French business confidence rose. The pound declined to a record versus the euro as March consumer confidence slumped to a 15-year low. The dollar traded at $1.5798 per euro at 4:32 p.m. in New York, compared with $1.5779 yesterday. It traded at 99.25 yen, compared with 99.65 yesterday. Japan's currency traded at 156.80 per euro, compared with 157.21. The U.S. currency dropped 2.4 percent against the euro this week, the biggest decline since January 2006. The dollar traded within 2 cents of $1.5903 per euro, the all-time low reached on March 17.
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.
The 15-nation currency continued to post gains versus the local currency in the open market. Euro started off new week’s trading at Rs.96/50, accumulated grounds due to rising demand and changed hands at Rs.99/40 at close of markets. Thus, rupee lost Rs.2/90 versus Euro in the kerb dealings this week. Moreover, Euro is trading all time high versus rupee in the open market.
Rupee/Japanese Yen
The Japanese currency continued to enjoy gains versus rupee in the open market. Yen started off new week’s trading at 0/619, posted gains and was changing hands at 0/63 at close of markets on Saturday.


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