Interbank Market News Scan: Indian rupee strengthens against weakening dollar; US adds 467,000 jobs …

Interbank, Indian rupee. “The rupee surged 18 paise to close at 74.70 (provisional) against the U.S. dollar on Friday tracking the weakness of the American currency in the overseas market….” See article here. Source: The Hindu

Interbank, Pakistan, remittances. “Home remittances are a major source of income for families of expatriate Pakistanis and contribute significantly in country’s economic activities. The State Bank of Pakistan together with the Government of Pakistan has introduced various policy initiatives, from time to time, to increase the flow of home remittances through formal channels …” See article here. Source: MarketScreener

Interbank, Pakistan, remittances. “In order to improve foreign exchange liquidity in the inter-bank market, the State Bank of Pakistan (SBP) and the government are now incentivising Exchange Companies (EC) to surrender 100% of home remittances against Re1 for each U.S. dollar.” See article here. Source: Business Recorder

Interbank, US Department of Labor, unemployment. “Total nonfarm payroll employment rose by 467,000 in January, and the unemployment rate was little changed at 4.0 percent. Employment growth continued in leisure and hospitality, in professional and business services, in retail trade, and in transportation and warehousing. Average hourly earnings increased 23 cents to $31.63.” See report here. Source: U.S. Bureau of Labor Statistics

Foreign exchange rates of interest as of 9:00 am EDT












Source: OANDA

Dollar Index: 95.64 Source: MarketWatch