On the interbank market, the rupee commenced last week by shedding 38 paisa on the buying counter and 37 paisa on the selling counter to close the day at Rs102.68 and Rs102.72, from Rs102.30 and Rs102.35 at the close of the prior week ended August 7.However, the rupee managed to gain one-paisa against the dollar on the buying counter and another two-paisa on the selling counter in the second trading session to trade at Rs102.67 and Rs102.70.
When trading resumed a day after on account of public holiday on August 14 the rupee tumbled by six-paisa against the dollar, which closed the day at Rs102.73 and Rs102.76. In the last trading session, the dollar was up 17-paisa against the rupee on the buying counter and 19-paisa on the selling counter, as it closed the week at Rs102.90 and Rs102.95. The rupee lost 60-paisa against the dollar in the interbank market last week.
In the open market, the dollar rallied against the rupee in three of the four trading sessions last week. The rupee commenced with the week with a 30-paisa decline against the greenback, which closed the first trading session at Rs103.10 and Rs103.30, against the previous week146s close of Rs102.80 and Rs103.00.
The rupee shed another 10-paisa against the dollar, which ended the second trading session at Rs103.20 and Rs103.40. Trading remained suspended on August 14 on account of the Independence Day holiday.
In the post-holiday session on August 15, the rupee continued its slide against the dollar, as it slipped by 30-paisa as the greenback last change hands at Rs103.50 and Rs103.70. However, the rupee managed to gain 20-paisa against the dollar in the last trading session, as the greenback closed the week at Rs103.30 and Rs103.50. On a week-over-week basis, the dollar appreciated by 50-paisa gain against the rupee in the open market.
The rupee fared somewhat similarly against the European common currency last week, as it lost around 100-paisa against the euro over the week.
It started the week with a 55-paisa loss against the euro on the buying counter and a 50-paisa loss on the selling counter, pushing the common currency up to Rs135.75 and Rs136.00 in the first trading session, from Rs135.20 and Rs135.50 at the end of the prior week on August 7.
The rupee posted a fresh 25-paisa loss against the euro in the second trading session, as the common currency closed the day at Rs136.00 and Rs136.25. Meanwhile, the rupee/euro parity did not change in the post-holiday session on August 15, and remained at Rs136.00 and Rs136.25.
But the rupee closed the week with a 25-paisa loss against the euro, which changed hands at Rs136.25 and Rs136.50 at the end of the last trading session.
In the international market, the dollar rallied in New Yorks first trading session in anticipation that US economic data in the week would prompt the Federal Reserve to scale back its monetary stimulus programme sooner rather than later. The dollar initially weakened against the yen but then bounced back after running into bids near 96.00 yen, as buyers emerged at lower levels, and was last up 0.6 per cent at 96.80 yen, pulling away from a seven-week low it had set on August 8.
The euro was down 0.29 per cent against the dollar at $1.3303. Sterling was steady against the dollar at $1.5485, having hit $1.5574, its strongest since June 19, in the preceding week.
On August 13, the dollar rallied to a one-week high against both the euro and yen, after retail sales, a key gauge of US consumer spending, rose at the fastest pace in seven months, strengthening expectations that the Federal Reserve will wind down its stimulus. In late New York trade, the dollar traded up 1.34 per cent at 98.19 yen. The dollar was at a seven-week low against the yen last week.
The euro was last down 0.25 per cent at $1.3265, with the session low at $1.3232. It hit a session high of $1.3316 against the dollar after German data was released. In London, the pound traded flat against the dollar at $1.5454, retreating from the intra-day high of $1.5491.
On August 14, the euro traded little changed against the dollar despite data showing the eurozone had emerged in the second quarter from its longest recession since its inception.
As the New York session began, the dollar's strength against the euro was blunted by a report that showed US producer prices were flat in July, pointing to very little inflationary pressure, which could add to worries at the Fed that inflation is running too low. The euro initially jumped on the news, but its gains faded later on. At session close, it was last little changed at $1.3257, off an earlier high of $1.3278.
The dollar also fell against the yen, down 0.1per cent at 98.10 yen. Sterling rose to $1.5498 after the minutes and the jobs data were released, from $1.5443 beforehand.
On August 15, the dollar fell broadly after reversing earlier gains that sent it up against the euro and yen. The euro rebounded to trade at $1.3348, up 0.7 per cent, while the greenback hovered around 97.22 yen, down 0.93 per cent. At its weakest point of the day, the dollar was down more than one per cent against the Japanese currency at 97.09 yen.
However, at one point, the greenback reached a near two-week high of $1.3205 against the euro, and a 1-1/2-week peak against the yen at 98.64 yen, before changing course. Sterling was up 0.3 per cent at $1.5550, having hit$1.5595, its highest since mid-June.
At the close of the week on August 16, the dollar reversed course in New York mid-day trading to rise against the euro and yen, after a report showed US consumers were less optimistic, prompting a rise in risk aversion. The euro was 0.1 per cent lower on the day at $1.3328, while the dollar was 0.2 per cent higher against the Japanese currency at 97.57 yen. The dollar swung between a peak of 97.75 yen and a trough of 97.03 yen.
In London, sterling was slightly lower against the dollar at $1.5620, having hit an intra-day peak of $1.5657, its highest since June 19.
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