Rupee flat against dollar

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Karachi : The rupee maintained steady trend against the dollar at the local forex market on Thursday, dealers said.


The rupee closed almost firm at 101.82 to the dollar from Wednesday’s closing of 101.83 in the interbank market.


Currency dealers said the government’s measure to impose ban on the import of gold eased pressure on the rupee. One of the major reasons for the sharp depreciation of the rupee was massive buying of dollars from importers.


“It was also creating a physical shortage of the dollars in the market,” a dealer said.


Pakistan’s foreign exchange reserves went nominally up to $10.224 billion as of July 26. In addition, the reserves of the State Bank of Pakistan were squeezed to $5.170 billion during the previous week.


The forex market will become volatile again, owing to the repayments of the International Monetary Fund (IMF) loan scheduled next week.


In the open market, the rupee-dollar parity improved on Thursday. The rupee was traded higher at 102.20 for buying and 102.45 for selling, respectively.

Courtesy:   The News

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