Rupee trades in the positive zone amid no change in the trading trend

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Forex Research - Open Market Comments

The rupee continued to score gains against US dollar here in the open market as no change in the trading trend was witnessed today as well. The demand continued to come in manageable volume whereas easy supply of the currency kept on supporting the national currency. Dollar which was trading at Rs. 84/30 the other day was changing hands at Rs. 84/20 today. On the international desks, dollar and yen were higher in early Thursday trading amid speculation that Greece may seek help from the IMF -- sparking fears that next week’s EU Summit meeting will provide little support to the sovereign-debt crisis. Heightened risk aversion pushed the euro lower, relinquishing the 1.37-handle against the dollar and sliding beneath the 123-level versus the yen.Data from the US will remain in focus in the New York session with the calendar consisting of several key gauges on the economy. The reports include February consumer prices, weekly jobless claims, the Q4 current account deficit, the March Philadelphia Fed survey and the February index of leading economic indicators.In the news, Dr.Abdul Hafiz Shaikh has been finally appointed as the new Finance Advisor and notification of his appointment has been issued. Shaikh had been served as caretaker Finance Minister and Governor Sindh and seen as reform-minded and free of corruption. Further the International Monetary Fund (IMF) has postponed approval of 1.2 billion dollars tranche for Pakistan till March 31 contingent to the appointment of next finance minister. Sources said that Pakistan is no longer on the agenda of IMF Board meeting on March 24 for approval of 1.2 billion dollars next tranche because there is no finance minister to sign the Letter of Intent (LoI). However with the appointment of Dr. Pasha, the agenda might change now.


Source: Kalpoint Content Department


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