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Rupee report: Rupee-dollar parity stable

KARACHI (Web Desk) IN the local currency market, the rupee/dollar parity last week displayed almost a stable trend amid minor variations.No new development was observed in the market where trading activity remained sluggish as leading currency players preferred to remain in sidelines.Last week on the interbank market, the rupee/dollar parity traded almost stable amid minor variations in dull trading.

In the open market, the rupee came under slight pressure as the dollar was seen firming up during the week in reviewThe rupee slipped to Rs105.41 and Rs105.42 on Monday from last closing levels but then reverted back to Rs105.40 and Rs105.41 on Tuesday after recovering overnight losses due to lacklustre activity.The parity continued to trade flat at Rs105.40 and Rs105.41 on Wednesday as investors in the forex market refrained from taking major positions.

On Thursday, a minor change was seen in the parity to trade at Rs105.41 and Rs105.42 against the rupee.The parity ended the week in minus on Friday, pushing the dollar slightly higher at Rs105.41 and Rs105.42.In the open market, the rupee came under slight pressure as the dollar was seen firming up during the week in review.The rupee mostly remained in the negative zone amid range-bound trade. It drifted lower against the dollar on Monday changing hands at Rs105.70 and Rs105.90.

Extending overnight losses on Tuesday, the dollar rose to Rs105.80 and Rs106.00.The rupee downslide continued on Wednesday as the dollar hit almost a three-week high at Rs105.90 and Rs106.10.The parity did not show any change on Thursday as the rupee for the second consecutive session traded flat against the dollar at Rs105.90 and Rs106.10.The week, however, ended on a positive note on Friday changing hands at Rs105.80 and Rs106.00.

During the week in review, the dollar in the open market managed to gain 20paisa against the rupee on week on week basis.Against euro, the rupee traded weak in the first three sessions of the week in review. The rupee commenced the week in minus and traded against the euro at Rs125.40 Rs126.70 on Monday after closing the prior week at Rs125.00 and Rs126.25.The rupee downtrend persisted on Tuesday that helped the euro to rise to Rs125.75 and Rs1270.00.

The euro continued its upward march against the rupee on Wednesday enabling the euro to climb to a three-week high at Rs126.25 and Rs127.50.The rupee on Thursday staged a sharp rebound against euro, recovering 125paisa in the single day biggest gain.Finally the euro ended the week on a firm note as it staged a recovery against the rupee climbing to Rs125.80 and Rs127.30, a level last seen on September 7.

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