Corporate demand kept the rupee under pressure versus the dollar in the inter-bank market last week. The rupee, however, strengthened in relation to the euro due to its falling demand in the world markets, they added.
In the inter-bank market, the rupee lost 12 paisa in terms of dollar for buying and selling at Rs 57.41 and Rs 57.43, respectively.
The rupee also shed five paisa versus the greenback for buying and selling at Rs 57.30 and Rs 57.40. The local currency gained nine paisa versus the euro for buying and selling at Rs 71.21 and Rs 71.31, respectively.
Heavy payments did not allow the rupee to continue its upward journey despite significant rise in dollar's supply, experts said. In the meantime, market players said that the greenback would be able to recover its lost ground after Eid holidays.
Additionally, they are anticipating that the dollar's slide in the world markets may help the rupee to recover its lost ground.
INTER-BANK RATES: On Monday, the dollar's inflow strengthened the rupee's value, gaining five paisa for buying and selling at Rs 57.29 and Rs 57.32, respectively. Despite the fact that banks are covering their position, the rupee has managed to gain modestly due to improved supply of dollars in the market, dealers said.
On Tuesday, the rupee inched up with a modest rise of two paisa for buying and selling at Rs 57.27 and Rs 57.30, respectively. Comfortable supply of dollars and lack of interest in dollar trading helped the rupee to gain further ground, dealers said.
On Wednesday, the rupee has given up its firmness versus the dollar, losing two paisa more for buying and selling at Rs 57.30 and Rs 57.32, respectively. Dollar's persistent demand pushed the rupee rate down, market players said.
On Thursday, corporate demand pushed the dollar's value up as the rupee lost eight paisa versus the greenback for buying and selling at Rs 57.38 and Rs 57.40, respectively.
On Friday, the rupee/dollar parity rates remained under pressure amid persistent demand for the greenback for buying and selling at Rs 57.41 and Rs 57.43, respectively.
The dollar moved in a tight range in the world markets during the week, dealers said. At the weekend, it drifted lower versus the euro on profit-taking, they added.
KERB MARKET RATES: On January 26, the rupee picked up eight paisa against the dollar for buying and selling at Rs 57.20 and Rs 57.25, respectively.
The local currency followed suit and gained 11 paisa in relation to the euro for buying and selling at Rs 71.30 and Rs 72.10.
On January 27, the rupee shed five paisa against the dollar for buying and selling at Rs 57.25 and Rs 57.35, respectively.
The rupee, however, gained seven paisa for buying at Rs 71.23 and 50 paisa for selling at Rs 71.53 due to falling of its value in the world markets, dealers said.
On January 28, heavy payments in the inter-bank market, forced the rupee to extend its weakness in the kerb market, shedding five paisa more for buying and selling at Rs 57.30 and Rs 57.35, respectively.
The local currency also came under pressure versus the euro, losing 90 paisa for buying and selling at Rs 71.95 and Rs 72.25.
On January 29, the rupee maintained its overnight levels versus the greenback, dealers said. It, however, gained 55 paisa versus the euro for buying and selling at Rs 71.38 and Rs 71.68, respectively.
On January 30, the rupee shed two paisa against the dollar for buying and selling at Rs 57.32 and Rs 57.37, respectively.
It, however, managed to gain 55 paisa more versus the euro for buying and selling at Rs 70.73 and Rs 71.05. On January 31, the rupee moved both ways, gaining two paisa for buying at Rs 57.30, it, however, lost three paisa for selling at Rs 57.40. The rupee lost nearly 50 paisa for buying and selling at Rs 71.21 and Rs 71.31.
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