Rupee ends Down

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Karachi The rupee ended down against the dollar on Friday as high demand for the dollar prevailed in the currencymarket, dealers said. The rupee closed at 98.95 to the dollar by nine paisas from the last day’s closing of 98.86 in the interbank foreign exchange market. “The financial institutions opted to buy dollar for arrangement of payment against import of oil and other commodities,” the dealer said.

Experts said that due to buying of the greenback, the banking sector is facing liquidity issues. Considering the liquidity issues, the State Bank of Pakistan (SBP) conducted open market operation and release Rs391.15 billion in a seven-day auction on Friday at 9.58 per annum rate of return. The dollar value over the last few years registered continuous gain due to scheduled payment against foreign loans. Besides, import payments also kept pressure on the dollar buying. The interbank forex market started the day in the range of 98.85 and 98.90.

Most of the trades were seen at different levels with the dollar witnessed the high of 98.95 and the low of 98.85.

Courtesy:   The News

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