Rupee report: Rupee remains firm
Firmness prevailed in the local currency market amid dull trading activities throughout last week. Currency dealers experienced sluggish dollar demand.
On the interbank market, the rupee commenced last week in plus against the dollar after remaining stable at Rs121.54/56 in the earlier week.
It was seen changing hands against the dollar at Rs121.54 and Rs121.55 on Monday over the last closing at Rs121.55 and Rs121.56. The rupee traded flat against the dollar on Tuesday.
The rupee-to-dollar exchange rate traded in narrow range between Rs121.54 and Rs121.56
Amid dull demand from corporate and private sector, the rupee continued to trade flat on Wednesday and Thursday, retaining its overnight rate at Rs121.54 and Rs121.55.
In the last trading session, the rupee traded unchanged against the dollar for the fifth straight day, closing the week at Rs121.54 and Rs121.55.
In the open market, the rupee recorded gains against the dollar after trading flat at Rs124/124.50 in all the five sessions of the previous week.
Market participants showed lack of interest. The rupee posted a 20paisa gain on Monday with the dollar changing hands at Rs123.80 and Rs124.30 against the prior weekend levels of Rs124.00 and Rs124.50.
The parity retained its overnight levels on Tuesday and continued to trade flat against the dollar at Rs123.80 and Rs124.30.