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Rupee allowed to dip further
From InpaperMagazine — Published about 13 hours ago
THE rupee embarked upon its second major depreciation spree in the past few months as it almost touched the 106-mark against the dollar last week.
While some currency dealers said the drop was owing to growing demand for the dollar for oil-related payments, others admitted that the government had ceded to the exporters’ demands for a further depreciation of the local currency.
The rupee started last week on the interbank market by shedding three paisas, as the dollar climbed to Rs104.48 and Rs104.49 against the prior week’s close of Rs104.45 and Rs104.46.
The rupee then suddenly breached the 105-barrier in the second trading session after it dropped 52 paisas for buying and 71 paisas for selling, sending the greenback to Rs105.00 and Rs105.20.
The rupee then briefly touched the 106-mark in the third trading session before recovering slightly. But it was still down 50 paisas for buying and 35 paisas for selling, as the dollar ended the day at Rs105.50 and Rs105.55.
The dollar appreciated by 105 paisas in interbank dealings and by 100 paisas in the open market
last week
However, the rupee resisted any further decline and stayed unchanged for buying and gained three paisas for selling in the fourth trading session, as the dollar ended the day at Rs105.50 and Rs105.52.
The dollar then lost seven paisas for buying and six paisas for selling in the last trading session and closed the week at Rs105.43 and Rs105.46. Nonetheless, the greenback appreciated by 105 paisas last week.
The open market followed a similar pattern. The rupee commenced the week by shedding five paisas, sending the dollar up at Rs104.50 and Rs104.70 against the prior week’s close of Rs104.45 and Rs104.65.
The rupee then posted a big loss of 50 paisas in the second trading session, as the dollar shot up to Rs105.00 and Rs105.20. The rupee’s downslide continued in the third trading session as it dropped by another 50 paisas, sending the dollar up at Rs105.50 and Rs105.70. The rupee-dollar parity stayed flat in the fourth trading session.
But the rupee managed to recover five paisas in the last trading session, as the dollar closed the week at Rs105.45 and Rs105.65. During the week, the dollar appreciated by 100 paisas.
However, the rupee fared remarkably differently against the euro. It started the week by picking up a big 270 paisas, as the euro fell to Rs115.30 and Rs116.30 from the prior week’s close of Rs118.00 and Rs119.00.
But the rupee shed 45 paisas in the second trading session, as the euro recovered to Rs115.75 and Rs116.70. The rupee lost another 25 paisas in the third trading session, with the euro last changing hands at Rs116.00 and Rs117.00.
But the rupee rose by 60 paisas in the fourth trading session and sent the euro down to Rs115.40 and Rs116.40 for the day. The rupee-euro parity stayed unchanged in the last trading session.
Published in Dawn, Business & Finance weekly, November 2nd , 2015
Source
From InpaperMagazine — Published about 13 hours ago
THE rupee embarked upon its second major depreciation spree in the past few months as it almost touched the 106-mark against the dollar last week.
While some currency dealers said the drop was owing to growing demand for the dollar for oil-related payments, others admitted that the government had ceded to the exporters’ demands for a further depreciation of the local currency.
The rupee started last week on the interbank market by shedding three paisas, as the dollar climbed to Rs104.48 and Rs104.49 against the prior week’s close of Rs104.45 and Rs104.46.
The rupee then suddenly breached the 105-barrier in the second trading session after it dropped 52 paisas for buying and 71 paisas for selling, sending the greenback to Rs105.00 and Rs105.20.
The rupee then briefly touched the 106-mark in the third trading session before recovering slightly. But it was still down 50 paisas for buying and 35 paisas for selling, as the dollar ended the day at Rs105.50 and Rs105.55.
The dollar appreciated by 105 paisas in interbank dealings and by 100 paisas in the open market
last week
However, the rupee resisted any further decline and stayed unchanged for buying and gained three paisas for selling in the fourth trading session, as the dollar ended the day at Rs105.50 and Rs105.52.
The dollar then lost seven paisas for buying and six paisas for selling in the last trading session and closed the week at Rs105.43 and Rs105.46. Nonetheless, the greenback appreciated by 105 paisas last week.
The open market followed a similar pattern. The rupee commenced the week by shedding five paisas, sending the dollar up at Rs104.50 and Rs104.70 against the prior week’s close of Rs104.45 and Rs104.65.
The rupee then posted a big loss of 50 paisas in the second trading session, as the dollar shot up to Rs105.00 and Rs105.20. The rupee’s downslide continued in the third trading session as it dropped by another 50 paisas, sending the dollar up at Rs105.50 and Rs105.70. The rupee-dollar parity stayed flat in the fourth trading session.
But the rupee managed to recover five paisas in the last trading session, as the dollar closed the week at Rs105.45 and Rs105.65. During the week, the dollar appreciated by 100 paisas.
However, the rupee fared remarkably differently against the euro. It started the week by picking up a big 270 paisas, as the euro fell to Rs115.30 and Rs116.30 from the prior week’s close of Rs118.00 and Rs119.00.
But the rupee shed 45 paisas in the second trading session, as the euro recovered to Rs115.75 and Rs116.70. The rupee lost another 25 paisas in the third trading session, with the euro last changing hands at Rs116.00 and Rs117.00.
But the rupee rose by 60 paisas in the fourth trading session and sent the euro down to Rs115.40 and Rs116.40 for the day. The rupee-euro parity stayed unchanged in the last trading session.
Published in Dawn, Business & Finance weekly, November 2nd , 2015
Source
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