Rupee report: Rupee stays flat against dollar
LACKLUSTRE trading activity was witnessed in the local currency market owing to expected external inflows approved by the IMF last week. Inflows in the market offset the repayment pressure against the 10-year Eurobond.
The rupee/dollar parity showed minor changes in the absence of buyers’ interest. Sustained selling of the greenback by banks and exporters, and low demand from importers backed up the rupee on the inter-bank foreign exchange market.
On the interbank market, the rupee inched up by one paisa on the buying but did not depict any change on the selling counter and traded at Rs104.73 and Rs104.75 in the first trading session.
Euro manages gains against the local currency
In the third trading session, however, the rupee slipped by one paisa against the dollar, retrieving prior weekend levels at Rs104.74 and Rs104.75. In the fourth trading session, the rupee retained its overnight rate unchanged on the buying counter but lost one paisa on the selling counter. The dollar was seen changing hands against the rupee at Rs104.74 and Rs104.76.
The local currency managed to post two paisas gain in the last trading session at Rs104.72 and Rs104.74. Despite the pressure on the rupee, the dollar in the interbank market lost two paisas on the buying counter and one paisa on the selling counter on a week-over-week basis after ending the January-March quarter almost flat.
In the open market, the week commenced on a negative note with the rupee moving in minus after snapping the three-day stability against the dollar. The rupee lost five paisas loss in the first trading session, changing hands against the dollar at Rs105.45 and Rs105.65, down from the prior weekend levels of Rs105.40 and Rs105.60.