High demand strengthens dollar

The dollar gained strength against the rupee in interbank previous week.

An analyst in his comments over strengthening of the dollar against the rupee said it was due to high demand of the dollar in the financial markets on account of large scale transactions before the financial closure of the bank on June 30.

The dollar gained strength against the rupee during the week in interbank and closed down on Saturday by gaining 0.07 paisas as compared to the closing level of previous week.

The dollar, beginning the week at Rs 60.61 at buying and Rs 60.66 at selling closed the week at Rs 60.68 at buying and Rs 60.673 at selling on Saturday, gaining 0.07 paisas over the level of previous week. At the start of the week, the normal demand and supply kept the dollar rupee parity level stable, however at the closing end of the week the demand for the greenback surged, causing a decline of the local currency.

The pound sterling also weakened during the week and closed down against the local currency at the end of the week with a gain of 0.24 paisas. Starting the week at the level of Rs 119.40 at buying and Rs 119.60 at selling, it finally closed at Rs 120.04 at buying and Rs 120.24 at selling gaining 0.96 paisas.

The euro also weakened during the week against the rupee as it closed at Rs 81.44 at buying and Rs 81.64 at selling as compared to Rs 80.67 at buying and Rs 80.87 at selling level of last week gaining 0.77 paisas. staff report