Chart by RA
Chart by RA

In the open market, the rupee-dollar parity remained under pressure last week.

Mixed sentiments prevailed in the local currency market last week due to political uncertainty and deteriorating economic indicators.

The rupee-dollar parity traded range-bound in the interbank. On Monday, the rupee lost one paisa against the dollar.

The dollar hit its highest level in the past 10 weeks, changing hands at Rs110.58 and Rs110.59 against the prior week close at Rs110.57 and Rs110.58.

Trading was range-bound on the open market

On Tuesday, the rupee gained one paisa, trading against the dollar at Rs110.57 and Rs110.58.

The rupee on Wednesday posted one paisa loss, enabling the dollar to trade at Rs110.58 and Rs110.59.

On Thursday, the rupee recovered as the dollar lost one paisa, changing hands at Rs110.57 and Rs110.58. The parity closed the week on a firm note as the rupee on Friday gained one paisa on the buying counter while retaining overnight rate on the selling counter.

Following intervention by the State Bank, the rupee traded at Rs110.56 and Rs110.58 amid dull dollar demand.

During the week, the rupee on the buying counter gained three paisa in three sessions and two paisa on the selling counter in two sessions. It lost two paisa each on the buying and selling counter in two sessions.

On a week-on-week basis, the dollar on the interbank market lost one paisa on the buying counter while trading flat on the selling counter.

In the open market, the rupee-dollar parity remained under pressure last week.

The dollar gained ten paisa on the buying counter and five paisa on the selling counter on Monday, pushing the rupee down to Rs112.00 and Rs112.25 against the previous weekend’s levels of Rs111.90 and Rs112.20.

The rupee recovered on Tuesday as the dollar lost 30 paisa on the buying counter and 25 paisa on the selling counter, slipping to Rs111.70 and Rs112.00. The parity traded flat on Wednesday at Rs111.70 and Rs112.00.

On Thursday, the dollar gained 20 paisa, and the rupee drifted lower to Rs111.90 and Rs112.20. On Friday, the rupee traded firm against the dollar, closing the week at Rs111.90 and Rs112.20.

The dollar in the open market remained unchanged against the rupee on a weekly basis.

Against euro, the rupee showed a rising trend amid range-bound trading. The rupee posted 75 paisa loss on Monday when the euro changed hands at Rs137.50 and Rs139.00 against the last closing at Rs136.75 and Rs138.25.

On Friday, the rupee posted a loss of Rs1.40, closing the week at Rs137.40 and Rs138.90. The euro gained 65 paisa against the rupee on a week-on-week basis.

Published in Dawn, The Business and Finance Weekly, March 5th, 2018

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