*Published in Dawn, Economic & BAFTER weeks of slow albeit steady decline, the rupee finally fell to the 103-mark against the dollar last week. Central bank intervention later in the week helped stem the slide.

The rupee’s fall has come as the trade deficit widened 45pc in the first quarter of this fiscal. However, the drop has been somewhat moderated by sizable workers’ remittances.

The rupee commenced last week on the interbank market with a loss of two paisas, as the dollar ended the day at Rs102.84 and Rs102.86, against the prior week’s close of Rs102.82 and Rs102.84.

The rupee shed another five paisas in the second trading session, sending the dollar up at Rs102.89 and Rs102.91. It lost a further three paisas for buying and four paisas for selling, as the greenback rose to Rs102.92 and Rs102.95 in the third trading session.

However, the local currency recovered three paisas for buying and five paisas for selling in the fourth trading session, as the dollar slipped to Rs102.89 and Rs102.90. The rupee closed the week by gaining one-paisa for buying and remaining unchanged for selling, with the dollar ending the last trading session at Rs102.88 and Rs102.90.

The dollar appreciated by about six paisas in the interbank market last week, and it is up 0.28pc so far this month.

In the open market, the rupee ended the first trading session unchanged from the prior week’s close of 102.50 and 102.70. However, it shed 10 paisas in the second trading session, sending the dollar up at Rs102.60 and Rs102.80.

Increased dollar-demand from importers reportedly led the rupee to lose another 20 paisas in the third trading session, as the greenback ended the day at Rs102.80 and Rs103.00.

However, after central bank intervention, the local currency picked up 10 paisas in the fourth trading session, sending the dollar lower at Rs102.70 and Rs102.90.

The rupee gained another 10 paisas in the last trading session, as the dollar closed the week at Rs102.60 and Rs102.80. The greenback rose by 10 paisas last week.

Meanwhile, the rupee continued to slide against the euro. It commenced the week by shedding 25 paisas, allowing the euro to end the first trading session at Rs129.00 and Rs129.25, against the prior week’s close of Rs128.75 and Rs129.00. The rupee-euro parity remained unchanged at this level in the second trading session.

However, the rupee lost 50 paisas in the third trading session, sending the euro up at Rs129.50 and Rs129.75. The local currency followed this up with a loss of another 100 paisas, as the euro ended the fourth trading session at Rs130.50 and Rs130.75.

The rupee ended the week with a further loss of 50 paisas, with the euro closing the last trading session at Rs131.00 and Rs131.25. The euro appreciated by 225 paisas last week.