FOR the first time in almost a year, the dollar slipped to the Rs98-99 level last week. Analysts attributed this to heavy inflows from friendly countries and rising remittances, as well as in anticipation of the next IMF loan tranche and Coalition Support Fund payments.

The dollar commenced trading on the interbank market last week by dipping by 180-paisa on the buying counter and 175-paisa on the selling counter to end the day at Rs101.40 and Rs101.50, against the prior week’s close of Rs103.20 and Rs103.25.

The rupee then posted further gains of 145-paisa on buying and 150-paisa on selling, as the dollar ended the second trading session down at Rs99.95 and Rs100.00.

In the third trading session, the dollar slumped to Rs98.00 and Rs98.10 after the rupee posted a fresh gain of 195-paisa on buying and 190-paisa on selling.

But the dollar rebounded in the fourth trading session by gaining 60-paisa to end the day at Rs98.60 and Rs98.70.

However, the rupee managed to pick up 20-paisa in the last trading session, as the greenback closed the week at Rs98.40 and Rs98.50. During the week, the dollar shed a net 475-paisa.

In the open market, the rupee gained 165-paisa on buying and 160-paisa on selling, as the dollar ended the first trading session at Rs101.20 and Rs101.45, against the previous week’s close of Rs102.80 and Rs103.00.

The dollar suffered further losses of 150-paisa on buying and 155-paisa on selling in the second trading session to end the day at Rs99.70 and Rs99.90.

The rupee continued its rally and jumped by 140-paisa in the third trading session, as the dollar slumped to a low of Rs98.30 and Rs98.50.

However, the dollar managed to pick up 90-paisa on buying and 120-paisa on selling to end the fourth trading session at Rs99.20 and Rs99.70.

The greenback then picked up another 100-paisa on buying and 80-paisa on selling in the last trading session, to close the week at Rs100.20 and Rs100.50.

Nonetheless, the rupee was still up 250-paisa against the dollar in the open market last week.

The rupee posted similar gains against the euro as well. In the first three trading sessions, it picked up a cumulative 700-paisa, forcing the euro down to Rs135.00 and Rs135.25, against the prior week’s close of Rs142.10 and Rs142.25.

However, the euro rebounded in the fourth trading session by picking up 375-paisa, to end the day at Rs138.75 and Rs139.00. It gained another 90-paisa in the last trading session to close the week at Rs139.65 and Rs139.95. But the rupee was still up 1.6 per cent last week.