The rupee was relatively stable against the dollar and the euro in the local currency market last week, amid some mild fluctuations later on in the week.

The local currency had commenced the week in the interbank market by shedding 15-paisa against the dollar, as the greenback ended the first trading session at Rs106.25 and Rs106.30, against the prior week’s close of Rs106.10 and Rs106.15.

But the rupee managed to gain 30-paisa against the dollar in the second session, which closed the day at Rs105.95 and Rs106.00. The local currency then fell by three-paisa on the buying counter during the third session, as the greenback closed the day at Rs105.98 and Rs106.00.

However, the dollar rebounded sharply in the fourth and fifth trading sessions, as the local currency shed 27-paisa over the two days. The greenback closed the week on October 11 at Rs106.20 and Rs106.25. The dollar gained 10-paisa against the rupee in the interbank market last week.

In the open market, the rupee commenced the week with a 30-paisa gain against the dollar, which slipped to Rs106.50 and Rs106.70 in the first trading session, from the prior week’s close of Rs106.80 and Rs107.00.

The rupee’s winning streak continued into the second trading session after it gained 30-paisa against the dollar, which closed the day at Rs106.20 and Rs106.40. The local currency then managed to gain another 40-paisa against the dollar in the third trading session, as the greenback closed the day at Rs105.80 and Rs106.00.

The rupee had gained by 100-paisa against the dollar in the first three sessions of trading in the open market.

However, the dollar bounced back in the fourth trading session after the rupee slipped by 60-paisa, pushing the greenback up at Rs106.40 and Rs106.60. The rupee-dollar parity then remained unchanged at Rs106.40 and Rs106.60 in the last trading session of the week.

On a weekly basis, the rupee managed to gain 40-paisa against the dollar in the open market last week.

The rupee followed a similar trajectory against the European single currency last week. The local currency commenced the week with a 25-paisa gain against the euro, which ended the first trading session at Rs143.00 and Rs143.25, over the preceding week’s close of Rs143.25 and Rs143.50.

The rupee then managed to pick up another 50-paisa against the common currency, which closed the second trading session at Rs142.50 and Rs142.75. The rupee extended its winning streak into the third trading session after it gained 50-paisa against the euro, which closed the day at Rs142.00 and Rs142.25.

However, after losing Rs1.25 in the first three sessions of the week, the euro came out stronger in the fourth trading session, gaining 75-paisa against the rupee to end the day at Rs142.75 and Rs143.00.

But the rupee bounced back in the fifth trading session, gaining 25-paisa against the euro as the common currency closed the week at Rs142.50 and Rs142.75. The rupee managed to appreciate by 75-paisa against the euro during the week under review.

On the international front, the dollar fell in New York’s first trading session, remaining as low as 96.79 yen, its lowest since August 12, before recovering to 96.90 yen, down 0.6 per cent on the day.

The euro rose 0.1 per cent to $1.3577, not far from the prior week’s eight-month high of $1.3645. Sterling rose against a broadly weaker dollar, up 0.4 per cent at $1.6080, but it remained well away from a nine-month high of $1.6260 it had hit on October 2. At that peak, the pound had gained more than seven per cent since early August.

On October 8, the dollar was stalled near its recent eight-month low against major currencies. Against the yen, it edged up from a two-month low, although it gave up some gains in the New York session, rising 0.2 per cent to 96.92 yen. Since it last traded below that measure, the dollar has gained 21 per cent against the yen.

The euro was down 0.1 per cent at $1.3574, pulling away from an eight-month high of $1.3645 it had touched the previous weekend. Sterling rose against a weaker dollar in London. It was up 0.1 per cent at $1.6111.

On October 9, the dollar rose 0.5 per cent against the Japanese currency to 97.34 yen, moving away from a two-month low of 96.55 it had touched a day earlier.

The euro fell 0.4 per cent to $1.3522, at one point falling to its lowest since September 30. In London, the pound fell one per cent against the dollar to $1.5923, its lowest since September 18.

On October 10, the dollar rallied 0.9 per cent to 98.24 yen. The euro was little changed at $1.3523. In London, sterling traded near a three-week low against the greenback. The pound was flat at $1.5950, after having dropped to as low as $1.5914, its lowest since September 18.

At the close of the week on October 11, the dollar rose 0.2 per cent to 98.36 yen, having hit a session peak of 98.55 yen, its highest since October 1.

The euro rose 0.3 per cent to $1.3558, as optimism grew that Washington may soon clinch a stop-gap deal to avert a devastating US default.

In London, sterling recovered from a three-week low against the dollar, as it was up 0.1 per cent at $1.5995, recovering from the trough of $1.5914 it had struck a day earlier.