At the end of the outgoing fiscal year (2007-08), the rupee maintained a firm posture against the dollar in the currency market, the week ending June 30, analysts said.
In the interbank market, the rupee was sharply higher by 25 paisa against the dollar at 60.36 and 60.38, they said. The same trend mirrored in the open market as it gained 20 paisa against the dollar for buying and selling at 60.90 and 61.00 respectively in the process of trading, they added.
The rupee also gained slightly by seven paisa versus the euro for buying and selling at 81.93 and 82.00, respectively, they said. Currency experts said the rupee managed its gain versus the dollar on healthier supply of the US currency, while the rising remittances and foreign investments helped give a boost to the foreign exchange reserves.
It is expected that the rupee may depict more gain against the dollar in the coming days if the dollars' flow continues, they said.
INTER-BANK MARKET RATES: On Monday, the rupee held its week-end level against the dollar for buying and selling at 60.61 and 60.63, dealers said. On Tuesday, it picked up four paisa against the dollar at 60.57 and 60.59, respectively.
On Wednesday, the rupee posted fresh gain of eight paisa in terms of the dollar for buying and selling at 60.53 and 60.54, respectively. On Thursday, the rupee extended its overnight gains against the dollar as it picked up four paisa for buying at 60.53 and rose by five paisa for selling at 60.54, dealers said.
On Friday, the rupee was up by seven paisa against the dollar for buying at 60.46 and it also gained six paisa for selling at 60.48, dealers said.
On Saturday, the rupee ended the last day of the outgoing fiscal year (2006-07) with a sharp gain of 10 paisa against the dollar in the interbank market for buying and selling at 60.36 and 60.38, currency analysts said.
DOLLAR'S WORLD VALUE: In the first session of the week, the dollar drifted lower against the yen, the Japanese currency edged up from a 4-1/2-year low against the dollar and all-time low versus the euro, but stayed pressured as the Bank of Japan (BoJ), unlike other central banks, is seen not in a hurry to raise rates. In the second session of the week, the yen maintained its overnight level against the leading currencies, they said.
In the third session, the yen rose broadly on Wednesday and high yielders dipped as worries about the US subprime mortgage sector dimmed appetite for the carry trade.
In the forth session, sterling struck a two-month high against the dollar on Thursday, getting a boost after data showing British house prices rose at the fastest annual pace in two years stoked expectations for further Bank of England rate hikes.
The pound jumped 0.2 percent on the day to a high of $2.0035 on the Reuters dealing system, pushing back towards a 26-year peak of $2.0134 struck in April.
In the fifth session, the dollar held gains against the euro and the yen at the weekend, a day after the Federal Reserve repeated worries about stubborn price pressures in its post-meeting statement.
The yen fell slightly after Japanese government data showed on Friday that consumer prices in the Tokyo area unexpectedly dipped 0.1 percent in June from a year earlier.
OPEN MARKET RATES: On June 25, the rupee commenced the week on a negative note, losing five paisa at 61.10 and 61.18, dealers said.
While, the rupee did not move sharply, losing one paisa for buying and selling, lost 36 paisa against the euro for buying at Rs 82.00 and Rs 82.10, they said.
On June 26, the rupee shed two paisa against the dollar for buying at 61.12 and it also dropped by four paisa at 61.22, dealers said.
The rupee managed to hold its present level versus the euro at Rs 81.99 and at Rs 82.09, they said. On June 27, the rupee was down by three paisa against the dollar for buying and selling at 61.18 and 61.25, dealers said.
The rupee, however, gained nine paisa in relation to the euro for buying and selling at Rs 81.87 and Rs 82.00, they said.
On June 28, the rupee gave up weakness against the dollar, gaining three paisa for buying and selling at 61.15 and 61.22, respectively. The rupee, however, lost nine paisa against the euro for buying and selling at Rs 81.98 and Rs 82.08, dealers said.
On June 29, the rupee gained 25 paisa against the dollar for buying at 60.90 and picked 22 paisa for selling at 61.00 as the State Bank provided dollars to the market from its Reserves to keep rupee at a certain level, money experts said.
The rupee followed the same trend versus the euro as it picked up 60 paisa for buying and selling at 81.37 and 81.47 as the dollar managed to rise in terms of the other leading currencies, they said.
On June 30, the rupee maintained a firm posture against the dollar, holding its overnight level at 60.90 and 61.00, dealers said. While, the rupee could not retain its firmness against the euro, dropping sharply by 45 paisa at 81.93 and 82.03, respectively.
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