The rupee in the starting sessions of last week got hurt modestly as importers indulged in forward buying of dollars on fears of further rise in dollar value, currency experts said. Later, the local currency improved as buying pressure eased during the closing sessions of the week on the eve of 'budget 2006-07', they said.
Other leading factor, which kept the rupee under pressure, was exporters' cautious selling of the US currency, they said. Some exporters kept dollars in hand on expectations of more appreciation in the greenback rate, they added.
In the open market, the rupee rose by five paisa in terms of dollar for buying and selling at Rs 60.50 and Rs 60.60, respectively. It, however, lost 90 paisa versus euro for buying and selling at Rs 77.85 and Rs 77.95, they said.
In the interbank market, the rupee lost 18 paisa in relation to dollar for buying and selling at Rs 60.11 and Rs 60.13, respectively.
Besides, the rupee resisted sharp deprecation in its value on expectations of significant improvement in remittances, some economists said.
In the world markets, the dollar somehow managed to stand with the other currencies of the globe. In the middle of the week, the dollar came under pressure in terms of yen and euro amid profit-taking in dollar business.
The dollar showed little change versus leading currencies on confusion about the new top economic official in Washington. After the nomination of Henry Paulson as new US treasury secretary, the dollar recovered some ground against other currencies.
INTERBANK RATES: On May 29, the rupee touched the lowest level since October 19, 2004 versus dollar, shedding nine paisa for buying at Rs 60.29 and six paisa for selling at Rs 60.31, dealers said.
On May 30, the rupee resisted further decline and gained 6 paisa versus dollar at Rs 60.23 and Rs 60.25 for buying and selling, respectively, they said.
On May 31, the rupee picked up 10 paisa versus the greenback at Rs 60.13 and Rs 60.15 for buying and selling, respectively, amid improved supply of dollars, dealers said.
On June 1, the rupee gained 2 paisa versus dollar for buying and selling at Rs 60.11 and Rs 60.13, respectively.
June 2, the rupee shed four paisa versus dollar for buying at 60.15 and 3 paisa for selling at Rs 60.16 as the demand for dollars increased by the corporate sector.
On June 3, the rupee recovered four paisa against dollar for buying at 60.11 and rose by two paisa for selling at 60.13, dealers said.
OPEN MARKET RATES: On Monday, the rupee lost eight paisa versus dollar for buying and selling at Rs 60.55 and Rs 60.60, respectively, dealers said.
It, however, gained 20 paisa versus euro for buying and selling at Rs 76.90 and Rs 77.00, respectively, dealers said.
On Tuesday, the rupee shed 15 paisa versus dollar for buying at Rs 60.70 and 20 paisa for selling at Rs 60.80, they said.
The rupee also lost 80 paisa in relation to euro for buying and selling at Rs 77.60 and Rs 77.70, respectively, they added.
On Wednesday, the rupee was unchanged versus dollar for buying and selling at Rs 60.70 and Rs 60.80, dealers said.
The rupee lost 15 paisa in relation to euro for buying and selling at Rs 77.75 and Rs 77.85, dealers said.
On Thursday, the rupee recovered 20 paisa versus dollar for buying and selling at Rs 60.50 and Rs 60.60, respectively.
The rupee also gained of 80 paisa versus euro for buying and selling at Rs 76.95 and Rs 77.05, respectively, dealers said.
On Friday, the rupee shed 5 paia versus US currency at Rs 60.55 and Rs 60.65 on increased demand for dollar buying by the banks, they said.
The rupee lost 25 paisa in relation to euro for buying and selling at Rs 77.20 and Rs 77.30, they said.
On Saturday, the rupee gained 5 paisa versus dollar for buying and selling at Rs 60.50 and Rs 60.60, but failed to retain its gain versus euro for buying and selling at Rs 77.85 and Rs 77.95, dealers said.
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