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Rupee at record low against dollar

The dollar traded higher on the interbank market than the open market in three trading sessions last week, but the rupee fell below Rs104-mark against the dollar in the interbank market.

The rupee started the week with a three-paisa decline against the dollar on the buying counter and another four-paisa loss on the selling counter, pushing the US dollar up to Rs103.68 and Rs103.72 in the first trading session as it was Rs103.65 and Rs103.68 at the previous week’s close.

The rupee further drifted lower by 15-paisa on the buying counter and 13-paisa on the selling counter against the dollar, which closed the second trading session at Rs103.83 and Rs103.85. The open market’s rates for the dollar in the second session were Rs103.80 and 104.00.

The rupee continued its down-slide against the greenback in the third trading session, as it shed 17-paisa against the dollar, which climbed to a record Rs104.00 and Rs104.02. The open market’s corresponding rates for the dollar on the day were Rs103.90 and 104.10.

The dollar continued to gain in the fourth trading session in the interbank market, as it broke the previous day’s record to hit Rs104.50 and Rs104.52 against the rupee, up 50-paisa on the day. In this session, both buying and selling rates for the dollar were lower in the open market, at Rs104.30 and 104.50

The rupee shed another four-paisa on the buying counter and five-paisa on the selling counter against the dollar in the fifth trading session, which closed the week at Rs104.54 and Rs104.57 in the interbank market. The rupee depreciated by a cumulative 89-paisa against the dollar in the interbank market last week, compared with a loss of 60-paisa in the open market.