Rupee weakens
February 2, 2021
KARACHI: The rupee fell versus the greenback in the interbank market on Monday due to increased demand for the dollars for imports and debt repayments, dealers said.
Rupee ended at 160.22 per dollar, weaker than Fridayâs close of 160.10, and traded as low as 160.30 against the greenback during the session. Dealers said an uptick in importer demand put pressure on the local unit.
âIn addition to the import payments, there were debt repayments of around $18 million to the International Monetary Fundâs Extended Fund Facility, which pulled the rupee lower,â a foreign exchange dealer said.
In the open market, the rupee closed at 160.35 to the dollar, compared with 160.30 in the previous session. Dealers said that the rupee would be stuck in a band of 160-160.50 in the sessions ahead.
KARACHI: The rupee is expected to remain range-bound against the dollar next week supported by subdued demand for hard currency, while improvement in inflows also lends support to the local unit,.
Rupee may stay firm next week
Business
January 10, 2021
KARACHI: The rupee is likely to remain range-bound against the dollar next week aided by decreased demand for the hard currency from importers, with increasing inflows from exports and remittances, and Roshan Digital Account also supported the domestic currency.
“We expect the rupee to trade within 159.80 to 160.30 range in the coming week,” a foreign exchange trader said.
In the interbank market, the rupee remained stable, closing the week at 160.17 versus the greenback. It lost 19 paisas during the outgoing week.
The rupee has been supported by positive data on exports and remittances, while Roshan Digital Account related inflows also came into play to keep the local unit stable against the dollar.
US labels Vietnam currency manipulator in improper move 18:07 | 28/12/2020
In a report, the US Treasury has labelled Vietnam and Switzerland currency manipulators, citing that the two countries are intervening in their foreign exchange policies to create unfair trade advantages which could harm the US. Prof. Dr. Tran Ngoc Tho from the School of Finance at the University of Economics in Ho Chi Minh City outlines some of the significant and questionable concepts in the report.
Prof. Dr. Tran Ngoc Tho from the School of Finance at the University of Economics in Ho Chi Minh City
In a recent and long-overdue report, The US Department of the Treasury has called Vietnam and Switzerland currency manipulators, accusing the two nations of improperly intervening in foreign exchange markets to benefit their own exports.