THE rupee regained some value against the dollar in the local currency market last week amid dull trading. Major currency players were said to be on the sidelines ahead of Eid-ul-Azha.

And the rupee continued to rise against the euro, at one point rising to a 17-month high at 128-mark last week. However, it gave back some of the gains in the last two sessions.

On the interbank market, the commenced the week with a gain of 14 paisas, as the dollar ended the first trading session at Rs102.64 and Rs102.66, against the prior week’s close of Rs102.78 and Rs102.80. The rupee-dollar parity remained unchanged at this level in the second trading session.

Chart by RA

In the third trading session, the rupee inched up by five paisas for buying and four paisas for selling, as the dollar slipped to Rs102.59 and Rs102.62. The local currency picked up another four paisas for buying and five paisas for selling in the fourth trading session, as the dollar dipped to Rs102.55 and Rs102.57.

The rupee ended the week after gaining three paisas for buying and two paisas for selling, as the dollar closed the last trading session at Rs102.52 and Rs102.55. The greenback depreciated by 25 paisas in the interbank market last week.

In the open market, the rupee started the week with a gain of 45 paisas for buying and 40 paisas for selling, as the dollar ended the first trading session at Rs101.90 and Rs102.15, against the prior week’s close of Rs102.35 and Rs102.55.

However, the rupee shed 20 paisas for buying and 15 paisas for selling in the second trading session, as the dollar ended the day higher at Rs102.10 and Rs102.30. The local currency lost another 10 paisas in the third trading session, as the greenback ended the day at Rs102.20 and Rs102.40.

The rupee-dollar parity then remained unchanged at this level in the fourth and fifth trading sessions, with the dollar closing the week at Rs102.20 and Rs102.40. The dollar dipped by a net 15 paisas against the rupee in the open market last week.

Meanwhile, the euro continued to weaken against the rupee last week. The rupee commenced the week with a big gain of 75 paisas, as the euro ended the first trading session at Rs128.75 and Rs129.00, against the prior week’s close of Rs129.50 and Rs129.75.

The rupee rose by 25 paisas in the second trading session, sending the single currency lower at Rs128.50 and Rs128.75. It rose by a further 50 paisas in the third trading session, as the euro dropped to Rs128.00 and Rs128.50.

After gaining 150 paisas in three trading sessions, the local currency suffered a loss of 50 paisas in the fourth trading session, as the euro slightly gained to Rs128.50 and Rs128.75. The rupee dipped by another 25 paisas in the last trading session, as the euro closed the week at Rs128.75 and Rs129.00.

Published in Dawn, Economic & Business, October 6th, 2014