The rupee remained largely range-bound against the dollar in both interbank dealings and the open market last week. But it lost value against the euro.
On the interbank market, it started the week by losing three paisas for buying and two paisas for selling, sending the greenback to Rs101.75 and Rs101.77 in the first trading session against the prior week’s close of Rs101.72 and Rs101.75.
The rupee dipped by another three paisas in the second trading session, as the dollar rose to Rs101.78 and Rs101.80 for the day. However, the rupee bounced back in the third trading session, regaining four paisas to send the dollar down at Rs101.74 and Rs101.76. The rupee-dollar parity then remained unchanged at this level in the fourth trading session.
But the local currency dipped by one-paisa in the last trading session, allowing the greenback to close the week at Rs101.75 and Rs101.77. Yet, the rupee managed to appreciate by three paisas for buying and two paisas for selling against the dollar in the interbank market last week.
The rupee displayed a largely stable trend against the greenback in the open market, as supply of the reserve currency was said to match the demand, amid dull trading.
The rupee appreciated by around three paisas against the dollar in interbank dealings and by 10 paisas in the open market last week
The rupee commenced the week unchanged from the prior week’s close of 102.50 and 102.70. But it then managed to post a gain of 10 paisas in the second trading session, sending the dollar down to Rs102.40 and Rs102.60. The rupee-dollar parity then remained unchanged in the remaining three trading sessions of the week.
As a result, the greenback closed last week at Rs102.40 and Rs102.60. During the week, the rupee appreciated by 10 paisas against the dollar in the open market.
Meanwhile, the rupee’s recent losing streak against the euro continued last week. Nonetheless, the local currency had started the week on a strong note, picking up 45 paisas in the first trading session to send the euro down to Rs113.75 and Rs114.00, against the prior week’s close of Rs114.50 and Rs114.75.
The rupee-euro parity then remained unchanged at this level in the second trading session. However, the single currency bounced back in the third trading session, picking up 85 paisas to end the day at Rs114.60 and Rs114.85. The rupee-euro parity again remained unchanged at this level in the fourth trading session.
However, the local currency managed to regain 10 paisas in the last trading session, as the euro closed the week at Rs114.50 and Rs114.75. As a result, the single currency appreciated by a net 30 paisas against the rupee last week. On a weekly basis, the euro had touched its highest level of Rs114.60 and Rs114.85 on May 6 and its lowest level of Rs113.75 and Rs114.00 on May 4.
Nonetheless, the rupee has appreciated by a solid 19pc against the euro over the past 12 months, according to independent report.