Mixed sentiments dominated the local currency market last week.

On the interbank market, the rupee/dollar parity traded in narrow range moving both ways amid mixed sentiments.

The parity turned negative on Monday as the rupee failed to hold weekend firmness against the dollar to trade at Rs105.42 and Rs105.43 against the previous weekend’s levels of Rs105.41 and Rs105.42.

The rupee rebounded on Tuesday consequently the dollar plunged to nine-week lows against the rupee, changing hands at Rs105.35 and Rs105.37.

The parity remained unmoved on Wednesday.

On Thursday the dollar staged a modest come back after the rupee lost firm ground against the dollar trading at Rs105.38 and Rs105.39 at the close of the session.

On Friday, the rupee/dollar parity traded unchanged thus the dollar closed the week at Rs105.38 and Rs105.40.

In the open market, the rupee was seen under mounting demand pressure against the dollar last week.

The rupee commenced the week in positive mode as the dollar slipped to Rs107.30 and Rs107.50 on Monday from the previous weekend level of Rs107.40 and Rs107.60.

The rupee has depreciated by 1.4 per cent against the dollar since October so far

The rupee turned negative on Tuesday after the dollar managed to rebound, changing hands at Rs107.40 and Rs107.60.

On Wednesday, the dollar continued to strengthen against the rupee for the second consecutive day trading at Rs107.50 and Rs107.70, its highest level in three months.

The rupee downslide persisted against the dollar on Thursday with the rupee trading at to Rs107.60 and Rs107.80.

On Friday, the rupee did not show any change against the dollar and closed the week flat at Rs107.60 and Rs107.80 on dull demand amid sluggish activity.

The rupee has depreciated by 1.4 per cent against the dollar since October so far.

Against euro, the rupee last week showed a weakening trend with slight variations on the buying and selling counters, amid range-bound trading.

Commencing the week in negative mode against the euro, the rupee traded at Rs124.75 and Rs126.00 on Monday, down from the last closing at Rs124.30 and Rs125.80.

On Tuesday the rupee did not show any change, changing hands against the euro at Rs124.75 and Rs126.05.

The parity continued to trade unchanged on Wednes­day at Rs124.75 and Rs126.05.

The rupee downslide continued versus the euro on Thursday pushing the euro to the week’s highest level at Rs125.00 and Rs126.30.

On Friday the rupee trading in positive mode against euro trading at Rs124.80 and Rs126.05 at the close of the session.

In the past four months, the rupee to euro exchange rate has remained fluctuated between the high of Rs119.30 and Rs120.30 and low of Rs126.50 and Rs128.00.

Published in Dawn, The Business and Finance Weekly, November 6th, 2017