Rupee up against dollar

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Karachi  The rupee posted gains against the dollar in the foreign exchange market on Thursday despite foreign exchange outflows, dealers said.



In the interbank market, the rupee closed at 98.47 against the dollar, increased by five paisas as compared to Wednesday’s closing of 98.52.


Dealers said that the forex market has been witnessing a fluctuating trend for the last few weeks with the exchange rate moving in both the directions led by adequate and inadequate demands for the US currency from banks and importers in the market.


“If the local currency gains or losses less than 10 paisas then we call it is range-bound against the dollar,” dealers said.


The balance of payments situation is fragile as the latest country’s forex exchange data showed that foreign exchange reserves declined to Rs11.4 billion and the State Bank’s forex reserves to Rs6.3 billion as of May 23.


The market usually comes under pressure ahead of the payment of the IMF installments. Pakistan will pay a tranche of 258.45 million special drawing rights to the fund on May 24.

Courtesy:  The News


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