KARACHI: The rupee remained firm in value against the dollar in interbank due to a modest intervention by the State Bank of Pakistan and dull demand from corporate sector and exporters.
The greenback gained strength versus rupee in open market on improved demand. The dollar closed at Rs110.30 for buying and Rs 110.50 for selling. The dollar traded at a low of Rs110.29. The dollar differential in kerb and interbank market was 77 paisas. There was a comparatively lesser-than-usual demand from the corporate sector, which coupled with central bank’s intervention kept rupee firm. The euro shed 29 paisas in the interbank market to close at Rs135.72 for buying and Rs 135.92 for selling. The pound sterling gained 10 paisas to close at Rs 153.39 and Rs 153.59 for buying and selling respectively.
Kerb Market: The dollar remained firm against the rupee in the open market. The US dollar closed at Rs 111.50 for buying and Rs 111.70 for selling. It gained 05 paisas in the open market against the rupee. The demand and supply of dollar in the open market was normal, and mostly came from people going to Saudi Arabia for umrah. The pound sterling closed at Rs 154.50 for buying and Rs 154.70 for selling, it gained 45 paisas against the rupee while euro closed at Rs 136.50 for buying and Rs 136.70 for selling. It shed 50 paisas in the kerb.
Published in Daily Times, February 23rd 2018.