The rupee gained strength versus dollar in both inter-bank and open markets last week as the US currency supply was enough to meet the market demand, analysts said.
The rupee, in the inter-bank market, gained seven paisa for buying and selling at Rs 60.30 and Rs 60.40, respectively, while in the open market it gained 10 paisa at Rs 59.35 and Rs 60.40 for buying and selling.
Versus the euro the rupee picked up 10 paisa on the buying side at Rs 72.50 and selling at Rs 72.60, dealers said.
Leading money experts said that dollars' demand was high by the banks due to month-end payments but inflows were strong, which helped the rupee to retain its firmness.
Increase in inflows in the shape of remittances boosted the rupee ahead of Ramazan as overseas Pakistanis send money home to their relatives for Ramazan and Eid-ul-Fitr celebrations, they said.
Trade deficit has widened due to soaring oil prices in the international markets, currency experts said.
WORLD SCENARIO FOR MAJOR CURRENCIES: In the world markets, the dollar maintained its week-long stable trend versus leading currencies as hurricane worries abated, they said.
The dollar soared to two-month high versus euro and on expectations of further increase in US interest rate in the coming days and also lower-than-expected damage by the hurricane.
According to official figures the British economy showed its weakest pace since 1993 in second quarter. The data showed that business confidence in euro zone's leading economies was mostly holding up despite soaring oil prices, but consumer morale in Germany was sagging.
INTER-BANK RATES: On Monday, bullish trend was seen as the rupee appreciated by eight paisa against dollar for buying and selling at Rs 59.75 and Rs 60.77, respectively.
On Tuesday, the rupee extended its rise versus dollar, gaining seven paisa for buying and selling at Rs 59.68 and Rs 59.70, respectively.
On Wednesday, the rupee managed to hold on to its overnight levels versus dollar for buying and selling at Rs 59.68 and Rs 59.70 due to easy supply of the greenback, dealers said.
On Thursday, the rupee maintained a firm look, showing just one paisa fall versus dollar at Rs 59.70 and Rs 59.71 despite rising demand for dollars by the corporate sector, moneychangers said.
On Friday, the rupee firmly held its overnight levels for buying and selling counters at Rs 59.70 and Rs 59.71 for the second day in a row, dealers said.
Marketmen said that balanced demand and supply did not allow the rupee to drift to any side.
On Saturday, the rupee maintained its present levels versus dollar for buying and selling at Rs 59.69 and Rs 59.70, dealers said.
OPEN MARKET RATES: On September 26, the rupee shed 10 paisa on the buying counter at Rs 60.40 and slid four paisa on the selling side at Rs 60.44 amid brisk demand for the greenback, dealers said.
The euro lost 10 paisa against the rupee for buying and selling at Rs 72.60 and Rs 72.80 as it failed to come out of the recent weakness due to dollar's continued firmness versus other major currencies, they added.
On September 27, the rupee rose by five paisa versus dollar for buying at Rs 60.35 while it retained its overnight level at Rs 60.45 for selling.
The rupee posted fresh rise of 15 paisa in relation to euro for buying and selling at Rs 72.45 and Rs 72.65, dealers said.
On September 28, inflow of dollars helped the rupee to sustain its firmness versus US currency, picking up five paisa for buying and selling at Rs 60.30 and Rs 60.40, respectively.
The rupee, however, lost 15 paisa versus euro for buying and selling at Rs 72.60 and Rs 72.80.
On September 29, the rupee maintained firm posture versus US currency for buying and selling at Rs 60.30 and Rs 60.40, respectively.
Versus the euro, the local currency followed suit on the buying and selling counters at Rs 72.60 and Rs 72.80, dealers said.
On September 30, the rupee showed downward revision, shedding 10 paisa against dollar for buying at Rs 60.40 and slid five paisa for selling at Rs 60.45, dealers said.
The rupee, however, managed to recover 30 paisa versus euro on the buying counter at Rs 72.30 and 40 paisa on the selling side at Rs 72.40, dealers said.
At the weekend, the rupee gave up its overnight declining trend, picking up five paisa against dollar for buying and selling at Rs 60.35 and Rs 60.40, dealers said.
The rupee, however, lost 20 paisa against euro for buying and selling at Rs 72.50 and Rs 72.60 amid insipid trading, dealers said.
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