The rupee remained volatile against the dollar in the interbank market last week and continued to slide against the reserve currency in the open market. However, it was said to be trading near six-year highs against the euro.

The local currency commenced the week by dipping one-paisa for buying counter while remaining unchanged at the prior week’s closing level for selling. It ended the first trading session at Rs100.75 and Rs100.77, against the prior Friday’s close of Rs100.74 and Rs100.77.

However, it managed to gain 20 paisas for buying and 21 paisas for selling in the second trading session, sending the dollar down to Rs100.55 and Rs100.58. But the greenback recovered eight paisas for buying and seven paisas for selling in the third trading session to end the day at Rs100.63 and Rs100.65.

The rupee shed another 15 paisas in the fourth trading session, as the dollar ended the day at Rs100.78 and Rs100.80. But it resisted a further decline posted a gain of three paisas for buying and four paisas for selling in the last trading session, as the dollar closed the week at Rs100.75 and Rs100.76.

During the week, the dollar inched up by one-paisa for buying but dropped one-paisa for selling in the interbank market.

In the open market, the rupee started the week by gaining 20 paisas, which sent the dollar to Rs100.80 and Rs101.00 in the first trading session, against the prior week’s close of Rs101.00 and Rs101.20. The rupee-dollar parity remained unchanged at this level in the second trading session.

In the third trading session, the rupee dropped 20 paisas, sending the greenback up at Rs101.00 and Rs101.20 for the day. It shed another five paisas for buying and 10 paisas for selling, as the dollar ended the fourth trading session at Rs101.05 and Rs101.30.

The rupee remained virtually unchanged against the dollar in interbank dealings last week, but depreciated by 20 paisas in the open market

The local currency dropped by a further 15 paisas for buying and 10 paisas for selling in the last trading session, as the dollar closed the week at Rs101.20 and Rs101.40. The rupee depreciated by 20 paisas against the dollar last week.

Meanwhile, the euro continued its slide against world currencies, including the rupee. The local currency started the week with a big gain of 75 paisas, which sent the euro down to Rs118.75 and Rs119.00, against the prior week’s close of Rs119.50 and Rs119.75.

The rupee-euro parity remained unchanged at this level in the second trading session. The rupee then picked up 25 paisas in the third trading session, as the euro slipped to Rs118.50 and Rs118.75. The rupee gained a further 50 paisas in the fourth trading session, sending the single currency down at Rs118.00 and Rs118.25.

The rupee then rose by 75 paisas in the last trading session, as the euro closed the week at Rs117.25 and Rs117.50. During the week, the euro depreciated by 225 paisas against the rupee.

Published in Dawn, Economic & Business, January 19th , 2015

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