THE rupee went through a rollercoaster ride against the dollar in both the interbank and open markets last week.
A major meeting between the finance minister, central bank and executives of exchange companies at the start of the week had a big impact on speculative activities in the kerb market, at least for the first half of the week.
On the interbank market, the rupee started the week by rising 48 paisas for buying and 45 paisas for selling, sending the dollar down to Rs104.90 and Rs104.95 against the prior week’s close of Rs105.38 and Rs105.40.
It then rose by a big 105 paisas in the second trading session, as the dollar plunged to Rs103.85 and Rs103.90. The rupee’s gained a further three paisas for buying and five paisas for selling in the third trading session, as the greenback fell to Rs103.82 and at Rs103.85.
The rupee appreciated by around 113 paisas against the dollar in interbank dealings and by 80 paisas in the open market last week
However, the rupee shed 23 paisas for buying and 25 paisas for selling in the fourth trading session, as the dollar recovered to Rs104.05 and Rs104.10. The rupee then dropped by a further 20 paisas in the last trading session, allowing the dollar to close the week at Rs104.25 and Rs104.30.
As a result, the dollar depreciated by a net 113 paisas for buying and 110 paisas for selling in the interbank market last week.
In the open market, the dollar commenced the week by losing 45 paisas for buying and 50 paisas for selling and ended the first trading session at Rs106.30 and Rs106.50 against the prior week’s close of Rs106.80 and Rs107.10.
It dropped by a bigger 100 paisas in the second trading session and ended the day at Rs105.30 and Rs105.60. In the third trading session, the dollar further dipped to Rs105.00 and Rs105.30 after the rupee rose by 30 paisas for buying and 20 paisas for selling.
However, the dollar recovered 60 paisas in the fourth trading session and last changed hands at Rs105.60 and Rs105.90. It closed the week by gaining a further 40 paisas, ending the last trading session at Rs106.00 and Rs106.30. The dollar depreciated by a net 80 paisas in the open market last week.
Meanwhile, against the euro, the rupee started the week by gaining 90 paisas, sending the euro down to Rs114.30 and Rs115.30. It rose by a further 80 paisas in the second trading session, as the euro dropped to Rs113.50 and Rs114.50.
However, the rupee shed 75 paisas for buying and 100 paisas for selling in the third trading session, as the euro recovered to Rs114.25 and Rs115.50. It then lost a big 100 paisas in the fourth trading session, as the euro rose to Rs115.25 and Rs116.50.
Finally, the euro rose by 75 paisas for buying and 50 paisas for selling in the last trading session and closed the week at Rs116.00 and Rs117.00, up a net 80 paisas on a weekly basis