THE rupee witness­ed mild fluctuations last week as major market players largely remained on the sidelines. It gained value against the dollar in the open market but lost in the interbank market.

On the interbank market, the rupee started the week by gaining one-paisa for buying and two paisas for selling, as the dollar ended the first trading session at Rs102.76 and at Rs102.78, against the prior week’s close of Rs102.75 and Rs102.76.

The rupee rose by another four paisas in the second trading session, sending the dollar lower at Rs102.72 Rs102.74. However, the greenback regained four paisas in the third trading session to end the day back at Rs102.76 and Rs102.78. The rupee-dollar parity remained unchanged at this level in the fourth trading session.

The rupee ended the week by shedding two paisas, as the dollar closed the last trading session at Rs102.78 and Rs102.80. In the interbank market, the dollar gained three paisas against the rupee last week. It is up a net 28 paisas so far in September.

The rupee depreciated by around three paisas against the dollar in interbank dealings, but appreciated by 10 paisas in the open market last week

In the open market, the rupee commenced the week by gaining five paisas, as the greenback ended the first trading session at Rs102.55 and Rs102.75, against the prior week’s close of Rs102.60 and Rs102.80.

The rupee picked up a further 25 paisas in the second trading session, sending the dollar lower at Rs102.30 and Rs102.55. But it slipped by five paisas in the third trading session, as the dollar ended the day at Rs102.35 and Rs102.55.

In the fourth trading session, the rupee shed five paisas for buying but gained five paisas for selling, as the dollar ended the day at Rs102.40 and Rs102.50. The local currency lost another 10 paisa for buying and 20 paisa for selling, as the dollar closed the fifth trading session at Rs102.50 and Rs102.70. The dollar lost a net 10 paisas against the rupee last week.

Meanwhile, the rupee reached a 15-month high against the euro last week, in stark contrast to its performance against the dollar. It started the week by shedding 25 paisas, as the euro ended the first trading session at Rs131.75 and Rs132.00, against the earlier week’s close of Rs131.50 and Rs131.75. The rupee-euro parity remained unchanged at this level in the second trading session.

In the third trading session, the rupee picked up 55 paisas, sending the euro down to Rs131.20 and Rs131.45. The local currency then gained another 40 paisas in the fourth trading session, as the euro slipped to Rs130.80 and Rs131.05.

The rupee closed the week by gaining another five paisas, as the single currency ended the last trading session at Rs130.75 and Rs131.00. The rupee rose by 75 paisas against the euro last week, and has appreciated by 1.3pc so far in September.

Published in Dawn, Economic & Business, September 29th, 2014