Greenback depresses versus rupee

KARACHI: The US currency plunged against the rupee in the inter bank market on Tuesday on the back of SBP’s decision to provide funds for imports payments. The dollar lost 20 paisas to close at Rs 105 for buying and Rs 105.20 for selling. It traded at a day high of Rs 105.05 and a low of Rs 105. 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 lost 42 paisas to close at Rs 111.05 for buying and Rs 111.26 for selling. The pound sterling got strength by Rs 1.14 to close at Rs 159.39 and Rs 159.69 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 106.90 for buying and Rs 107.15 for selling. It gained 45 paisas in the open market. The demand in the open currency market from the people going abroad has improved, thus putting some pressure on rupee. The rupee is expected to get support in the coming days because the demand of rupee rises to a great extent, as the Christmas approaches. The pound sterling closed at Rs 161 for buying and Rs 161.70 for selling, it lost 25 paisas against the rupee. The euro closed at Rs 113.25 for buying and Rs 113.75 for selling. It lost 10 paisas in the open market.

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