Rupee report: Euro gains against rupee
Mixed sentiments in the local currency market kept the rupee fluctuating either ways against the dollar and euro, ahead of a long weekend on account of Eid-ul-Azha.
No major development was witnessed and no panic buying of dollar was observed as the influx of foreign currency from expatriates was sufficient to meet importer and corporate sector requirements.
The market will remain closed from September 12 to September 14 on account of Eid Holidays.
The dollar on the interbank market lost against the rupee during the week
In overseas trade, the dollar more broadly traded down one per cent or more for the week against most major currencies.
On the interbank market, the rupee/dollar parity showed sharp variation amid range-bound trading last week.
Commencing the week in plus, the rupee closed the fourth trading session at a fresh four-month high of Rs104.38 and Rs104.40 against the dollar.
The local currency continued to gain due to ample foreign inflows available in the market amid dull demand. The rupee sustained firmness against the dollar, posting three-paisa gain in the last trading session before hitting a three month high of Rs104.35 and Rs104.37 at the close of the week. The dollar on the interbank market thus lost eight-paisa against the rupee in the week.
In the open market, the rupee/dollar parity moved both ways in line with interbank market trends. Extending weekend firmness, the rupee commenced the week against the dollar in plus.