KARACHI: The rupee managed to hold overnight levels against the dollar in the process of trading on Saturday, dealers said. Commenting on announcement for policy rate, currency viewers were of the view that the State Bank of Pakistan's decision to keep the policy rate unchanged at 5.75 percent likely to help in reviving confidence of investors in the coming days.
They also said that country's exports may show some improvement following the issuance of statutory regulatory orders (SROs) and different relief packages to give a boost to the agriculture sector, particularly textile sector, which is the biggest source of foreign exchange earnings.
OPEN MARKET RATES: The rupee retained overnight levels in relation to the dollar for buying and selling at Rs 107.40 and Rs 107.70 respectively, but it lost 20 paisas in terms of the euro for buying and selling at Rs 115.20 and Rs 116.70 respectively, they said.
At the week-end, the dollar rose against the yen, extending a broad trend that has been in place since US President Donald Trump's election in November on expectations of more pro-growth policies to bolster an economy that has improved but sputtered at times.
The greenback has climbed for two straight days, pulling it back from seven-week lows against a basket of currencies on the view that it would gain from a rise in border tariffs, tax reform and future spending. "Donald Trump's ambitious fiscal plans point to stronger growth in the coming quarters," said Fawad Razaqzada, market analyst at Forex.com in London.
=======================
Open Bid Rs 107.40
Open Offer Rs 107.70
=======================
RUPEE IN LAHORE: The Pakistani rupee depreciated by 10-paisa on buying side while it stayed unchanged on selling side against the US dollar in the local currency market here on Saturday.
According to currency dealers, the US dollar resumed trading on its overnight closing rates of Rs 107.60 and Rs 107.95 as it buying and selling rates, respectively. Due to the short supply, it climbed up at Rs 107.70 on buying counter. However, no change in the value of dollar took place as it sustained its overnight trend of Rs 107.95 on selling counter, respectively, they added.
Moreover, the local currency showed strength as it recovered by 30-paisa on buying side it, however, remained unchanged on selling side versus the pound sterling. The British currency was bought and sold at Rs 134.50 and Rs 135.60 against Friday's closing rates of Rs 134.80 and Rs 135.60, respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of dollar against the rupee remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 108.30 (buying) and Rs 108.40 (selling) against same last rate. Dollar closed at Rs 108.30 (buying) and Rs 108.40 (selling).
Pound Sterling opened at Rs 130 (buying) and Rs 131.50 (selling). It did not observe further change in the second session and closed at Rs 130 (buying) and Rs 131.50 (selling).
Comments
Comments are closed.