THE local market saw the rupee hovering near the current levels against the dollar with major currency dealers closely monitoring the political developments and foreign capital flows last week.
The rupee on the interbank market commenced the week against the dollar on as negative note, resuming lower at Rs104.74 and Rs104.75 in the first trading session after shedding five paisas over the prior weekend’s levels of Rs104.69 and Rs104.70.
In the second trading session, the rupee staged a modest recovery at Rs104.72 and Rs104.74.
Extending overnight firmness for the second consecutive day, the rupee inched up to Rs104.71 and Rs104.72 in the third trading session.
Remains flat against the US currency
Continuing its upward advances for the third straight day, the rupee posted three paisas gain against the dollar on the buying and two paisas on the selling counters before closing at Rs104.68 and Rs104.70, its highest level in four weeks.
It, however, shed two paisas on the buying and one paisa on the selling counter to close the last trading session against the dollar at Rs104.70 and Rs104.71. The dollar on the interbank market inched up by just one paisa against the rupee on a week-on-week basis.
In the open market, the rupee traded firm at Rs105.20 and Rs105.40 in the first three trading sessions.
In the fourth trading session, however, the rupee posted 10 paisas loss against the dollar at Rs105.30 and Rs105.50 as the dollar rose in the international market.
The week ended on a positive note as the rupee managed to stage a partial recovery, picking up five paisas against the dollar in the last trading session at Rs105.25 and Rs105.45.
During the week, the dollar in the open market still managed to appreciate against the rupee by five paisas on a week-on-week basis.
Against euro, the rupee showed a rising trend last week. Commencing the week in plus, the rupee in the first trading session posted 10 paisas gain, resuming higher at Rs119.40 and Rs120.40 against the last closing levels of Rs119.50 and Rs120.50.
It further gained 10 paisas for the second straight day that drifted the euro further lower at Rs119.30 and Rs120.30 in the second trading session.
The rupee posted its biggest one-day gain in over a month following a sharp rise of 90 paisas at Rs118.40 and Rs119.40 in the third session.
Another 25 paisas rise in the fourth trading session, the rupee rose to its highest level in almost three weeks, trading against euro at Rs118.15 and Rs119.15.
However, the week ended on a negative note after the euro snapped the rupee’s four-session winning streak in the last trading session and posted five paisa gain against the rupee before closing the week slightly higher at Rs118.20 and Rs119.20. During the week in review, the rupee still posted a sharp gain of Rs1.30 against euro on a week-on-week basis.