Year-end demand for dollars from importers and routine debt payments kept the rupee under pressure versus dollar in the currency market last week, money experts said.
In the interbank market, the rupee was firm versus the dollar for buying and selling at Rs 59.78 and Rs 59.79, respectively, dealers said.
In the open market the rupee gained five paisa versus dollar for buying and selling at Rs 60.05 and Rs 60.10, respectively, moneychangers said.
The rupee was steady versus euro for buying and selling at Rs 70.50 and Rs 70.60, respectively.
Explaining the higher demand for dollars by banks, marketmen said that the rising demand might continue in the coming weeks due to year-end payments and seasonal demand by Haj pilgrims.
In the meantime, they said, as a result of steady supply of dollars from export proceeds and remittances from overseas Pakistanis on Eid-ul-Azha miht help the rupee to limit its level versus dollar.
DOLLAR VALUE VS MAJOR CURRENCIES: The dollar maintained its firmness versus leading currencies due to positive economic data and rising expectations about the interest rates.
In the middle sessions of the week, the greenback moved both ways against most of the currencies, dealers said. At the weekend, the dollar inched up versus major currencies following expectations of rise in the US, they said.
INTERBANK RATES: On Monday, banks' demand surged for dollars and the rupee shed two paisa for buying and selling at 59.85 and 59.86, dealers said. Importers increased dollar buying to meet important payments, they said.
On Tuesday, the rupee gained five paisa against dollar for buying at Rs 59.80 and rose four paisa for selling at Rs 59.82 per dollar, moneychangers said.
On Wednesday, the rupee gained four paisa for buying and selling at 59.77 and 59.78, dealers said.
Selling of dollars in the market helped the rupee.
For the remaining sessions of the week, the rupee traded at Rs 59.78 and Rs 59.79 per dollar for buying and selling, respectively.
OPEN MARKET RATES: On December 5, availability of dollars helped in meeting the market's rising demand for the US currency and the rupee managed to retain its weekend level at Rs 60.10 and Rs 60.15, dealers said.
Similarly, the euro maintained its last levels versus rupee for buying and selling at Rs 70.05 and Rs 70.15, dealers said.
On Tuesday, the rupee lost two paisa in relation to dollar for buying at Rs 60.12 and shed five paisa on the selling counter at Rs 60.20, dealers said.
On the other hand, the rupee lost 45 paisa against euro for buying and selling at Rs 70.50 and Rs 70.60, respectively, amid low business, dealers said.
On Wednesday, the rupee shed three paisa versus dollar for buying at Rs 60.15 and slid two paisa for selling at Rs 60.22, they said.
The rupee, however, gained 10 paisa versus euro for buying and selling at Rs 70.40 and Rs 70.50, respectively, dealers said.
On Thursday, the rupee gave up its overnight weakness on easy supply of dollars, and picked up 10 paisa for buying at Rs 60.05 and rose seven paisa for selling at Rs 60.15, they said.
The rupee extended its overnight gains versus euro, picking up 10 paisa for buying and selling at 70.30 and 70.40, dealers said.
On Friday, the rupee shed five paisa on the buying counter at 60.10 while it maintained its overnight level for selling at 60.15, they said.
The rupee lost 20 paisa versus euro for buying and selling at Rs 70.50 and Rs 70.60 as the single European currencies managed to recover its lost ground in the overseas markets, dealers said.
On Saturday, the rupee gained five paisa versus dollar for buying and selling at 60.05 and 60.10 on improved supply of the US currency, dealers said.
The rupee was unchanged against euro for buying and selling at Rs 70.50 and Rs 70.60, respectively, dealers said.
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