THE rupee remained under pressure from the dollar last week in the local currency market. However, it continued to display strength against the euro, appreciating by a net 100 paisas over the week.

On the interbank market, the rupee commenced the week by dropping 45 paisas for buying and 43 paisas for selling, as the greenback ended the first trading session at Rs102.95 and Rs102.98, against the prior week’s close of Rs102.50 and Rs102.55.

The rupee regained 17 paisas for buying and 16 paisas for selling in the second trading session, as the dollar ended the day at Rs102.78 and Rs102.82. The rupee then gained another 13 paisas for buying and 14 paisas for selling, as the greenback ended the third trading session at Rs102.65 and Rs102.68.

The rupee depreciated by about 25 paisas against the dollar in interbank dealings and by 15 paisas in the open market last week

But the local currency slipped by 10 paisas for buying and by 12 paisas for selling, sending the dollar up to Rs102.75 and Rs102.80 in the fourth trading session. In the last trading session, the rupee traded unchanged for buying but picked up four paisas for selling, as the dollar closed the week at Rs102.75 and Rs102.76.

During the week, the dollar gained 25 paisas for buying and 21 paisas for selling in the interbank market.

In the open market, the rupee suffered a loss of 40 paisas in the first trading session, which pushed the dollar up to Rs102.75 and Rs102.95, against the prior week’s close of Rs102.35 and Rs102.55.

However, the local currency picked up 35 paisas in the second trading session, sending the dollar lower to Rs102.40 and Rs102.60. The rupee then gained another 10 paisas in the third trading session, as the dollar slipped to Rs102.30 and Rs102.50.

But the rupee dropped 10 paisas for buying and 15 paisas for selling in the fourth trading session, as the dollar climbed to Rs102.45 and Rs102.65.

The rupee ended the week by losing another five paisas, as the dollar ended the last trading session at Rs102.50 and Rs102.70. During the week, the greenback appreciated by a net 15 paisas in the open market. So far this month, the rupee has depreciated by nearly 4pc against the dollar in the open market.

The local currency fared different against the euro. It commenced the week with a loss of 25 paisas, allowing the euro to close the first trading session at Rs132.75 and Rs133.00, against the prior week’s close of Rs132.50 and Rs132.75.

But the rupee regained 25 paisas in the second trading session, as the single currency slipped back to Rs132.50 and Rs132.75. The rupee-euro parity remained unchanged at this level in the third trading session.

The local currency then picked up 75 paisas in the fourth trading session, sending the single currency lower to Rs131.75 and Rs132.00. The rupee rose by another 25 paisas in the last trading session, as the euro closed the week down at Rs131.50 and Rs131.75. The rupee has appreciated by 1.52pc against the euro so far this month.

Published in Dawn, Economic & Business, September 22nd, 2014