THE rupee remained under pressure from the dollar amid a strong demand for the greenback in the local currency market last week.
The gap between the open market and interbank market rates for the dollar have also jumped from 62-paisa to 90-paisa so far this year.
On the interbank market, the rupee commenced the week on a negative note as it shed 18-paisa against the dollar in the first trading session, enabling the greenback to climb to Rs107.08 and Rs107.10, from the prior week’s close of Rs106.90 and Rs106.92.
The rupee then posted a fresh loss of 22-paisa against the dollar, which ended the second trading session at Rs107.30 and Rs107.32. The rupee-dollar parity then traded unchanged at Rs107.30 and Rs107.32 in the third trading session.
In the fourth trading session, the rupee suffered a modest two-paisa fall against the dollar on the buying counter and three-paisa on the selling counter, pushing the greenback up at Rs107.32 and Rs107.35.
The rupee then lost another six-paisa against the dollar on the buying counter and five-paisa on the selling counter in the last trading session, as the greenback ended the week at Rs107.38 and Rs107.40.
The dollar appreciated by 48-paisa against the local currency in the interbank market last week. Meanwhile, the differential between buying and selling rates for the dollar is two-paisa in the interbank market and 20-paisa in the open market.
In the open market last week, the rupee started the week with a five-paisa loss against the greenback in the first trading session, as the dollar ended the day at Rs107.45 and Rs107.65, against the preceding week’s close of Rs107.40 and Rs107.60.
The rupee then shed another 15-paisa against the dollar in the second trading session, as the greenback ended the day at Rs107.60 and Rs107.80. The rupee’s downslide persisted into the third trading session after it shed another 15-paisa against the dollar, which ended the day at Rs107.75 and Rs107.95.
The dollar rose past the Rs108 mark in the fourth trading session, after gaining five-paisa against the local currency to last trade at Rs108.0 and Rs108.20. The rupee ended the week with a 10-paisa loss against the dollar, which closed the last trading session at Rs108.10 and Rs108.30.
During the week, the rupee plunged by 70-paisa against the dollar in the open market. In the last one month since October 8, the rupee has depreciated by 1.75 per cent. Since the start of the year, the local currency has depreciated by roughly 10 per cent.
The rupee followed a slightly different trajectory against the European single currency last week, as it recouped its losses from earlier on in the week with a big gain in the last trading session.
The rupee commenced the week with a 30-paisa loss against the euro, which ended the first trading session at Rs144.30 and Rs144.55, against the prior week’s close of Rs144.0 and Rs144.25.
The rupee then posted a fresh 20-paisa loss against the common currency, which closed the second trading session at Rs144.50 and Rs144.75. The rupee-euro parity then remained unchanged at Rs144.50 and Rs144.75 in the third trading session.
The local currency slipped by 30-paisa against the euro in the fourth trading session, as the common currency closed the day at Rs144.80 and Rs145.05. However, the rupee managed to gain Rs1.05 against the euro in the last trading session, as the common currency ended the week at Rs143.75 and Rs144.0. On a weekly basis, the rupee gained 25-paisa against the European single currency.
On the international front, the euro climbed from a near seven-week low against the dollar, gaining 0.2 per cent to $1.3516 in New York’s first trading session. Earlier on, the euro had fallen to $1.3441, its lowest since September 18 and well below a nearly two-year high of $1.3832 it had struck on October 25.
Against the yen, the dollar was last down 0.1 per cent against at 98.57 yen. In London, sterling rose against the dollar, up 0.2 per cent at $1.5960, having earlier hit $1.5904, its weakest since October 16.
On November 5, the euro slid against the dollar, falling 0.3 per cent to $1.3472 after having hit a session low of $1.3448, and edging back toward the seven-week trough of $1.3441 it had set a day earlier.
Against the yen, the dollar was little changed at 98.56 yen. In London, the pound was up 0.4 per cent at $1.6033, having hit a session-high of $1.6062, recovering from a near three-week low of $1.5904 it had touched on November 4.
On November 6, the euro climbed up 0.4 per cent at $1.3523, well above the week’s opening session’s low of $1.3441against the dollar. The euro has gained around 2.5 per cent so far this year, and is on track for its strongest yearly performance since 2007.
The dollar gained 0.2 per cent against the Japanese currency. Sterling in London hit a one-week high against the dollar, and was up 0.3 per cent at $1.6095 after having hit a one-week high of $1.6118.
On November 7, the euro slid to a more than seven-week low against the dollar and tumbled 0.7 per cent to $1.3422. It was last at $1.3368, having hit a session low of $1.3355, still above a seven-week low of $1.3295 struck in the earlier session.
Against the Japanese currency, the dollar rose 0.6 per cent to 98.71 yen, having climbed to a session peak of 98.92 yen. In London, sterling gave up some of its gains made earlier this week against the dollar, shedding 0.4 per cent to $1.6024,
At the close of the week on November 8, the euro fell 0.4 per cent to $1.3368, having hit a session low of $1.3355 against the dollar, but still above a seven-week low of $1.3295 it had struck a day earlier.
The dollar rose 0.6 per cent against the yen to 98.71 yen, having climbed to a session peak of 98.92 yen. In London, sterling underperformed against the dollar, shedding 0.1 per cent at $1.6079 after data showed that the UK trade deficit had unexpectedly widened to 9.816 billion pounds, its biggest shortfall since October 2012.