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Rupee sheds 22 paisas against dollar last week

Rupee sheds 22 paisas against dollar last week

LONDON: The rupee lost its value against dollar and the euro last week after posting powerful gains expanded in the previous week.
The local currency commencing the week at the interbank market by shedding seven paisas for buying and eight paisas for selling counter, as the dollar ended the first trading session at Rs101.72 and Rs101.75, against the prior week’s close of Rs101.65 and Rs101.67.
The rupee lost another 13 paisas in the second trading session, as the greenback rose to Rs101.85 and Rs101.88. However, the rupee recovered six paisas for buying and seven paisas for selling in the third trading session after the slipped to Rs101.79 and Rs101.81.
In listless trade in the fourth trading session, the rupee edged up by one-paisa, as the dollar ended the day at Rs101.78 and Rs101.80.
But the local currency lost nine paisas for buying and 10 paisas for selling in the last trading session reportedly due to the buying of dollars by banks and importers. As a result, the greenback closed the week at Rs101.87 and Rs101.90.
During the week, the dollar appreciated by 22 paisas for buying and 23 paisas for selling in the interbank market. However, the rupee was up a net 1.01pc in November.