THE rupee remained stable against the dollar amid some mild fluctuations in the local currency market last week.

For the week, the rupee traded between a high of Rs98.58/68 and a low of Rs98.80/85 against the dollar in interbank dealings, and between Rs99.00/20 and Rs99.25/45 in the open market in the week. Against the euro, the rupee traded between Rs134.10/35 and Rs135.25/50.

The local currency started last week on the interbank market with a loss of four paisas for buying and seven paisas for selling counter, as the greenback ended the first trading session at Rs98.80 and Rs98.85, against the prior week’s close of Rs98.76 and Rs98.78. Trading activity remained suspended on July 1 due to bank holiday.

The rupee picked up 13 paisas for buying and 15 paisas for selling when trading resumed the next day, sending the dollar lower to Rs98.67 and Rs98.70 on Wednesday. The rupee picked up another nine paisas for buying and two paisas for selling in the third trading session, as the dollar ended the day at Rs98.58 and Rs98.68.

The rupee appreciated by a marginal one-paisa against the dollar in interbank dealings and by 10 paisas in the open market last week

However, the rupee dipped by 17 paisas for buying and 10 paisas for selling in the last trading session, as the dollar closed the week at Rs98.75 and Rs98.78. Overall, the rupee gained a marginal one paisa for buying in the interbank market last week.

In the open market, the rupee commenced the week with a loss of 10 paisas, as the dollar ended the first trading session at Rs99.20 and Rs99.40, against the previous week’s close of Rs99.10 and Rs99.30. The rupee-dollar parity remained unchanged at this level in the second trading session.

The rupee dipped by five paisas when trading resumed the next day, sending the dollar up at Rs99.25 and Rs99.45. However, the local currency regained five paisas in the third trading session, sending the greenback back to Rs99.20 and Rs99.40.

In the last trading session, the rupee managed to pick up 20 paisas, as the dollar closed the week at Rs99.00 and Rs99.20. The dollar depreciated by 10 paisas against the rupee in the open market last week.

Against the euro, the rupee started the week with a loss of 50 paisas in the first trading session, as the single currency ended the day at Rs134.75 and Rs135.00, prior the prior week’s close of Rs134.25 and Rs134.50. The rupee shed another 50 paisas in the second trading session, as the euro rose to the week’s highest level of Rs135.25 and Rs135.50.

After shedding 100paisa in the past two sessions, the rupee recovered five-paisa in the third trading session, pushing the euro slightly down to Rs135.20 and Rs135.45. The local currency then managed to gain 20 paisas in the fourth trading session, sending the euro down to Rs135.00 and Rs135.25 for the day.

The rupee then gained a big 90 paisas in final trading session, as the euro closed the week at Rs134.10 and Rs134.35. During the week, the rupee posted a net gain of 15 paisas against the single currency.

Published in Dawn, Economic & Business, July 7th, 2014