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Rupee loses against dollar

AFTER remaining around Rs105 per dollar for a longer period in the interbank market, the rupee is now facing downward pressure and has already hit Rs105.50 barrier.

Similarly, in the open market the dollar has already crossed Rs107.50 barrier last week. Most investors in the currency market have started lifting dollars on the back of devaluation fear.

On the interbank market, the rupee weakened against the dollar last week.

The week commenced on a negative note trading at Rs105.46 and Rs105.47 on Monday from the prior weekend`s levels of Rs105.45 and Rs105.46.

The rupee extended its overnight weakness against the dollar on Tuesday trading at Rs105.47 and Rs105.48, its highest level in the past two weeks.

The rupee ended flat on Wednesday while the rupee continued its downtrend Thursday plunging to 20-week lows against the dollar at Rs105.49 and Rs105.51.

The rupee remained depressed against the dollar on Friday closing the week at Rs105.50 and Rs105.52.

During the week, the dollaron the interbank market gained five-paisa on the buying counter and six-paisa on the selling counter against the rupee on week on week basis.

In the open market, retaining its weekend rates on Monday the rupee traded flat against the dollar at Rs107.20 and Rs107.40.

The parity did not show any change in the following two sessions and continued to trade flat for three consecutive sessions at Rs107.20 and Rs107.40 as demand for dollars by importers and corporate sector remained dull on the back of slow trading activity.

On Thursday, however, the rupee was seen under pressure against the dollar with the dollar hitting almost twoweek highs at Rs107.30 and Rs107.50.

On Friday, the rupee / dollar parity closed the week flat at Rs107.30 and Rs107.50.Against euro, the rupee extended its weekend firmness as a result, the euro drifted lower to trade at Rs126.00 and Rs127.25 against the previous week close at Rs126.20 and Rs127.45.

The rupee continued its upward advances on Tuesday, , pushing euro further down at Rs125.75 and Rs126.75 for the second straight day.

On Wednesday the rupee remain unmoved trading flat at Rs125.75 and Rs126.75.

On Thursday, the euro surged to Rs126.80 and Rs128.0517, hitting fresh peak in 2017.

The rupee downslide against the euro persisted on Friday with euro changing hands at Rs126.90 and Rs128.15.

During the week, the euro gained 70paisa against the rupee on week on week basis.