ameer219
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THE RUPEE: dollar stays put
RECORDER REPORT
Business Recorder [Pakistan's First Financial Daily]
KARACHI (April 16 2010): Steady trend was seen on the local currency market on Thursday as the rupee retained the overnight levels in process of trading, experts said. On the interbank market the rupee held the overnight levels against dollar for buying at 83.85 and selling at 83.89, they said.
It is expected that the rupee may move both ways in the near future, they said. During the fourth Asian session dollar was on the defensive while commodity currencies like the Australian dollar held broad gains on a pick up in risk appetite and growing speculation that China may soon move to re-value its currency.
A slew of Chinese data are due shortly, including first-quarter gross domestic product, March industrial output, retail sales and urban investments. Sources have indicated China's economy grew about 11.9 percent in the first quarter, a strong number, and likely to underpin the Aussie. Additionally, offshore dollar/yuan forwards mostly fell to imply more yuan appreciation in late trade on Thursday as China posted surprisingly brisk growth in the first quarter but softer inflation figures helped to temper concerns over imminent policy tightening. The three-month dollar/yuan non-deliverable forwards (NDFs) fell briefly to an intraday low of 6.7400 bid in late trade from Wednesday's close of 6.7580, implying 1.28 percent yuan appreciation in three months, up from 1.01 percent implied at Wednesday's close.
Malaysian ringgit - a proxy for the yuan - gained after Chinese data reinforced views that the country's growth was accelerating and Beijing may soon to re-value its currency. The Taiwan dollar rose to a 19-month intraday high, continuing its string of gains along with other Asian currencies amid optimism for economic recovery following China's strong growth data. Bangladesh, interbank buying and selling rates for taka against dollar at 69.2510 and 69.2580, (previous 69.25/69.26).
RECORDER REPORT
Business Recorder [Pakistan's First Financial Daily]
KARACHI (April 16 2010): Steady trend was seen on the local currency market on Thursday as the rupee retained the overnight levels in process of trading, experts said. On the interbank market the rupee held the overnight levels against dollar for buying at 83.85 and selling at 83.89, they said.
It is expected that the rupee may move both ways in the near future, they said. During the fourth Asian session dollar was on the defensive while commodity currencies like the Australian dollar held broad gains on a pick up in risk appetite and growing speculation that China may soon move to re-value its currency.
A slew of Chinese data are due shortly, including first-quarter gross domestic product, March industrial output, retail sales and urban investments. Sources have indicated China's economy grew about 11.9 percent in the first quarter, a strong number, and likely to underpin the Aussie. Additionally, offshore dollar/yuan forwards mostly fell to imply more yuan appreciation in late trade on Thursday as China posted surprisingly brisk growth in the first quarter but softer inflation figures helped to temper concerns over imminent policy tightening. The three-month dollar/yuan non-deliverable forwards (NDFs) fell briefly to an intraday low of 6.7400 bid in late trade from Wednesday's close of 6.7580, implying 1.28 percent yuan appreciation in three months, up from 1.01 percent implied at Wednesday's close.
Malaysian ringgit - a proxy for the yuan - gained after Chinese data reinforced views that the country's growth was accelerating and Beijing may soon to re-value its currency. The Taiwan dollar rose to a 19-month intraday high, continuing its string of gains along with other Asian currencies amid optimism for economic recovery following China's strong growth data. Bangladesh, interbank buying and selling rates for taka against dollar at 69.2510 and 69.2580, (previous 69.25/69.26).