In the local currency market, after experiencing volatility in trade in early sessions, the rupee ended the week on firm ground against the dollar as political tension subsided following PTI’s dharna call off.
The rupee to euro exchange rate, on the other hand, continued to swing high between negative and positive territories during the week.
However in international trade last week, the dollar had its worst session in six weeks as polls showed the presidential race between Republican nominee Donald Trump and Democratic rival Hillary Clinton continue to tighten.
The dollar has fallen 1.2pc against a basket of major overseas currencies in the week.
At the same time, the pound registered its best week against the dollar since October 2009, as worries eased that Britain would undergo a ‘hard’ exit from the European Union and lose its access to the single market.
It has clawed back almost 3pc in the week, rising on a ruling from England’s High Court that the government needed parliamentary approval to start the Brexit process.
In the local currency market, the rupee withstood early sessions volatile momentum as scattered dollar demand was absorbed by the adequate supplies.
The rupee to euro exchange rate continued to swing high between negative and positive territories during the week
On the interbank market, while the rupee commenced the week on a negative note, it ended the week on a positive note, extending its firmness against the dollar for the fourth consecutive session, hitting the week’s highest level after pushing dollar closed to a nearly three-week low at Rs104.76 and Rs104.77 at the close of the week.
During the week in review, the dollar on the interbank market posted losses against the rupee to the tune of seven-paisa on the buying counter and eight-paisa on the selling counter on week over week basis.
In the open market, initially the rupee was seen under pressure against the dollar due to the political tension arising after the PTI protest call.
The rupee ended the week on a stable note as it closed the last trading session unchanged with the dollar trading flatly at Rs105.60 and Rs105.80 for the second consecutive day after hitting almost a week low.
During the week, the dollar gained ten-paisa in one session but lost 30paisa in two sessions while remaining unchanged against the rupee in two sessions.
On week on week basis, the rupee, however, showed an appreciation of 20paisa against the dollar in the open market last week.
Versus euro, the rupee moved both ways last week. The parity commenced the week in plus but ended on a negative note, hovering between the high of Rs117.00/118.50 and the low of l15.75/117.25.
The euro closed the week at Rs117.00 and Rs118.50, hitting the week’s highest level against the rupee in almost a month.