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Commencing the week on a stable note in the early sessions, the rupee witnessed some corrections against the dollar in the week’s closing sessions.
However, it remained largely range-bound on the interbank market due to sluggish dollar demand.
On the interbank market, the rupee last week mostly traded range-bound against the dollar amid sluggish dollar demand.
On Monday, the rupee traded at Rs105.44 and Rs105.45 from the previous weekend’s Rs105.42 and Rs105.44.
Owing to flat dollar demand on Tuesday, the rupee did not show any change against the dollar and continued to trade flat at Rs105.44 and Rs105.45.
Pick up in dollar demand by importers and corporate buyers exerted slight pressure on the rupee on Wednesday pushing the dollar to a fresh peak at Rs105.45 and Rs105.46.
The rupee, however, gave up its weakness against the dollar on Thursday and inched up at Rs105.44 and Rs105.45.
On the interbank market, the rupee last week mostly traded range-bound against the dollar amid sluggish dollar demand
On Friday, the rupee extended its overnight firmness against the dollar for the second straight day. As a result, the dollar further slipped to Rs105.41 and Rs105.42.
In the open market, the rupee traded flatly against the dollar at Rs107.10 and Rs107.30 on Monday, unchanged over the prior week’s closing level.
The parity continued to trade unchanged on Tuesday with the dollar changing hands against the rupee at Rs107.10 and Rs107.30.
The rupee fell against the dollar on Wednesday due increased dollar demand trading at Rs107.20 and Rs107.40.
The rupee downslide against the dollar persisted on Thursday, trading at Rs107.30 and Rs107.50. and Friday at Rs107.40 and Rs107.60.
Against euro, the rupee continued to weaken amid range bound trading last week.
Commencing the week in plus, the rupee traded in positive mode on Monday. Consequently, the euro slightly drifted lower to Rs125.50 and Rs126.75 from the last closing at Rs125.80 and Rs127.05.
However, the euro bounced back after the rupee failed to hold overnight firmness on Tuesday, changing hands at Rs126.00 and Rs127.25.
On Wednesday the parity did not show any changes. The rupee traded flat against the euro at Rs126.00 and Rs127.25.
But the rupee falling trend persisted on Thursday with euro changing hands at Rs126.50 and Rs128.00, its highest level in 2017 so far.
On Friday the rupee staged a remarkable recovery against the euro as it posted the biggest single-day gain trading at Rs124.50 and Rs125.75 at the close of the week.
Published in Dawn, The Business and Finance Weekly, October 30th, 2017