Commencing the week in a negative mode, the rupee on the interbank market fell modestly against the dollar in the first trading session.

Hitting a seven-week high at Rs104.86 and Rs104.88, the dollar rose from the previous weekend levels of Rs104.85 and Rs104.86 after the rupee inched down by one paisa and two paisas loss on the buying and selling countres respectively.

It recovered overnight losses in the second trading session, reverting to Rs104.85 and Rs104.86 after posting gains of one paisa and two paisas on the buying and selling countres respectively.

In the third session, the parity traded unchanged at Rs104.85 and Rs104.86 for the second straight day However, the dollar receded to Rs104.86 and Rs104.88 in the fourth session after the rupee lost one paisa and two-paisas on the buying and selling countres respectively.

Finally, the rupee receded to Rs104.85 and Rs104.86 after it gaining one paisa and two paisas on the buying and selling countres respectively.

On a WoW basis, the rupee reflected a five paisa gain over the euro

On the interbank market, the dollar suffered two paisas and four paisas losses in two sessions.

It recovered losses by the same amount in the other two trading sessions while trading flat in one session. On a WoW basis, however, the rupee remained unchanged.

A similar trend was witnessed in the open market where the rupee/dollar parity traded in narrow band in line with interbank market last week.

The week commenced on a negative note as the rupee suffered a 10 paisas loss against the dollar and slipped to Rs105.90 and Rs106.10 due to rise in dollar demand in the first trading session from the last closing at Rs105.80 and Rs106.00. Values remained unchanged in the second session.

In the third session, the rupee suffered 10 paisas and five paisas losses on the two countres.

The trend, however, reversed in the fourth session after it posted a 10 paisas and five paisas gains on the two countres.

The dollar slipped to Rs105.90 and Rs106.10 at the close of the session.

In the last session, the rupee traded unchanged against the dollar on dull demand. On a WoW basis, the dollar in the open market gained 10 paisas against the rupee.

Against euro, the rupee underwent a slight pressure, trading in narrow ranges, as the euro hovered between the low of Rs118.25/ 119.75 and high of Rs118.60/Rs120.10.

The week ended in plus as the rupee posted five paisas gain, pushing the euro to Rs118.25 and Rs119.75 at the close of the week.

During the week, the euro on the buying countre gained 35 paisas in three sessions but lost 40 paisas in two sessions. Similarly, on the selling countre, it lost 80 paisas in three sessions while posted an 80 paisas gain in two sessions.

On a WoW basis, the rupee reflected a five paisas gain over the euro.

Published in Dawn, The Business and Finance Weekly, May 29th, 2017