Articles & Finance Updates

Decline of the US dollar continued as it shed 0.05 more paisas against the local currency in the currency exchange market on Thursday. The US dollar which remained strong till Tuesday however, lost grounds on consecutive days onwards.   The American currency traded at Rs.85.70 at close of markets today as compared to yesterday’s rate of Rs.85.70. In the international market today, the US currency reached 8 month low versus yen as American’s jobless claims rose unexpectedly last week thus creating doubts in US’s recovery.

The US dollar could not sustain the position and thus gave up 0.10 paisas that it had posted yesterday. The US dollar was trading at Rs.85.75 as compiared to yesterday’s rate of Rs.85.85. Thus, rupee recovered 0.10 paisas versus dollar in the kerb dealings.  On the global desk, commodities were weaker with crude oil retreating from a three month high to $81.95 per barrel. The dollar index was unchanged holding just above 80.60 at 11am in London.

Hike in dollar’s demand on Tuesday in the currency exchange market against the national currency. As demand is there due to arrival of Ramdan Ul Mubark therefore many people would prefer to perform Umrah so dollar’s demand would be there. The US currency kicked off new day’s trading at Rs.85.75, due to high demand was changing hands at Rs.85.85 at close of markets on Tuesday. Thus, rupee lost 0.10 paisas versus dollar in the dealings.  On the global desk, the US dollar was trading on weaker note versus the major counter parts on Tuesday by shedding 0.8%  against the Yen and 0.4% versus Pound and Euro. Oil extended gains and was trading up by 1.3% to settle near $82.40-per barrel. Economic reports from US depicted weaker trend as market pundits were expecting otherwise.

Demand of US currency remained low on the start of week versus rupee in the currency exchange market today. The US dollar started off new day’s trading at Rs.85.75, due to low demand remained at the same price at close of markets on Monday. Thus, rupee ended the day on a positive note versus dollar in the kerb dealings. In the international market, the US dollar incurred overnight losses in the New York session, giving up 1.3% against the cable and shedding by almost 1% against Australian dollar. Improved risk-appetite was the main factor to drive in the markets at the start of the week, with the sharp rally in the European and US equity bourses.