KARACHI: The greenback ended flat in value versus domestic unit in the interbank market amid thin activity due to insignificant demand from corporate sector and importers. The greenback was traded at Rs 110.30 for buying and Rs 110.50 for selling. Dollar almost remained undisturbed because activity in the interbank market remained dull. The State Bank of Pakistan’s decision to start paying for oil imports from its reserves is so far key factor in firmness of rupee. Payments of heavy oil import bills due to rising oil prices had been the main reason for rupee’s decline since start of this fiscal year. Moreover, the measures taken by the central bank to curb speculation helped to reduce volatility and panic forward buying by importers. The euro closed at Rs 135.74 for buying and Rs 135.94 for selling after gaining 02 paisas. The pound sterling closed at Rs 153.69 for buying and Rs 153.89 for selling after gaining 30 paisas. Kerb Market: The US currency ended higher in the interbank market on owing to low supply from the expatriates. The dollar closed at Rs 111.65 for buying and Rs 111.85 for selling in the open market. It gained 10 paisas against the rupee. Dollar, which started at Rs 111.64, remained unmoved till the afternoon owing to scarce supply. But afterwards it got strength to close at Rs 111.65 owing to increased demand. The pound sterling closed at Rs 154.60 for buying and Rs 154.80 for selling, it stood firm by 10 paisas against the rupee. The euro closed at Rs 136/60 for buying and Rs 136.80 for selling. It remained up by 50 paisas.
Published in Daily Times, February 24th 2018.
Leave a Comment