Dollar remains flat versus rupee

KARACHI: The US currency stood even against the rupee in the inter bank market on Monday on the back of SBP’s decision to provide strength to local currency.

The dollar closed flat at Rs 104.30 for buying and Rs 104.50 for selling. It traded at a day high of Rs 104.32 and a low of Rs 104.29. A treasurer at local bank said the decision of State Bank of Pakistan to make payments remained the major factor for rupee’s recovery. SBP has also tightened some rules regarding foreign exchange management to check outflows and stabilise the domestic currency.

Bankers said the local currency might gain further in the short-term. But in the long-term it could remain under pressure unless oil prices fall substantially and inflows of foreign exchange rise. The euro gained 12 paisas to close at Rs 114.50 for buying and Rs 114.71 for selling. The pound sterling got strength by 09 paisas to close at Rs 155.65 and Rs 155.95 for buying and selling respectively.

Kerb Market: The dollar gained strength owing to a trend reversal in the inter bank market. The dollar closed at Rs 106.30 for buying and Rs 106.55 for selling. It gained 05 paisas in the open market.

The euro closed at Rs 115.50 for buying and Rs 116.10 for selling, it gained 10 paisas against the rupee. The pound sterling closed at Rs 157.50 for buying and Rs 158.10 for selling. It gained 05 paisas in the open market.

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