Uncertainty prevails in currency market

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KARACHI: High uncertainty and dull trading kept the exchange rate hovering around Rs99 in the inter-bank market, but the open market showed price fluctuating from Rs100 to Rs100.70 on Monday.

“Only importers were enjoying this market which was kept under pressure by the Central Bank not allowing biddings for higher rates,” said Atif Ahmed, a currency dealer in the inter-bank market. He said the rate was almost same around Rs99 and closed at Rs99.02. However, the rate may see a vital change on Tuesday since higher inflows are expected due to opening of New York from where overseas transactions are routed.

In the open market, dollar was short while selling was thin, but the price was on the higher side of Rs100.

The market closed at Rs100.20, said Malik Bostan. However, other currency dealers said the rate closed at Rs100.70.

“The sellers had disappeared on Friday, but came back to market on Monday and more will come on Tuesday,” said Bostan.

He said the State Bank has pumped dollars in the open market and will inject more on Tuesday.

With the higher inflows after opening of New York, the market could see stability in the rate, he said.

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