AMPLE dollar supply in the local currency market was said to have stabilised the rupee last week. The country’s forex reserves position also improved after receiving $706m from the World Bank on Thursday.
Nonetheless, the rupee had commenced the week in the interbank market with a loss of two paisas, which had pushed the dollar to Rs101.80 and Rs101.82 in the first trading session against the prior week’s close of Rs101.78 and Rs101.80.
The rupee shed another one-paisa in the second trading session, as the greenback rose marginally to Rs101.82 and Rs101.83.
The local currency then bounced back in the third trading session, regaining four paisas for buying and three paisas for selling, sending the dollar down to Rs101.78 and Rs101.80. The rupee-dollar parity remained unchanged in the fourth trading session.
The rupee inched up by one-paisa for selling but remained unchanged for buying in the last trading session, as the dollar closed the week at Rs101.78 and Rs101.79. As a result, the dollar stayed virtually unchanged on a weekly basis in the interbank market.
