THE rupee came under pressure last week amid a sudden rise in dollar demand. Despite increasing reserves, some analysts cautioned that the heavy rupee appreciation would pose hurdles for the government in achieving the $26.6 billion export proceeds target.

On the interbank market, the rupee started last week with gains of 37-paisa for buying and 40-paisa for selling, as the dollar ended the first trading session at Rs96.18 and Rs96.20, against the previous week’s close of Rs96.55 and Rs96.60.

But the rupee slipped against the dollar in the second trading session, shedding two-paisa for buying and five-paisa for selling at Rs96.20 and Rs96.25.

The local currency fell by another 40-paisa in the third trading session, as the greenback ended the day at Rs96.60 and Rs96.65.

The rupee then picked up 20-paisa in the fourth trading session, as the dollar dipped to Rs96.40 and Rs96.45.

However, renewed dollar demand from banks and importers led the rupee to post a 90-paisa drop in the last trading session, as the greenback closed the week at Rs97.30 and Rs97.35. The dollar gained 135-paisa against the rupee in the interbank market last week.

In the open market, the rupee starter last week with gains of 20-paisa for buying counter and 15-paisa for selling, as the dollar ended the first trading session at Rs98.00 and Rs98.25, against the prior week’s close of Rs98.20 Rs98.40.

The rupee then posted a 50-paisa increase in the second trading session, as the dollar fell to Rs97.50 and Rs97.75.

However, the local currency shed 10-paisa in the third trading session, as the greenback ended the day at Rs97.60 and Rs97.85.

The local currency dipped by another 20-paisa for buying and 10-paisa for selling, as the dollar rose to Rs97.80 and Rs97.95 in the fourth trading session.

The dollar then gained 145-paisa in the last trading session to close the week at Rs99.20 and Rs99.40. It gained a net 100-paisa against the rupee in the open market last week.

The rupee faired similarly against the euro. It gained a cumulative 225-paisa against the euro in the first two trading sessions, from the prior week’s close of Rs135.50 and Rs136.00.

But the rupee then posted a big 150-paisa loss in the third trading session, as the euro ended the day at Rs134.75 and Rs135.25. However, the rupee then picked up 10-paisa in the fourth trading session, as the euro ended the day down at Rs134.65 and Rs134.95.

But the last trading session saw the rupee dive by 185-paisa, as the euro closed the week at Rs136.50 and Rs136.75.