Daily Times

KARACHI: The US currency appreciated by 4.25 against the domestic unit due to outflow in the form of importers’ payments and a meagre supply of remittances and export proceeds.

The dollar, which was trading at Rs 115.50 in the interbank market during first half of trading closed at Rs 120 for buying and at Rs 120.20 for selling.

To lift the falling rupee, the central bank tried hard and made repeated interventions through different banks although SBP said they did not try to support domestic currency.

Oil import bill accounted for major chunk of the payments from interbank market. Roughly $400 to $425 million are now required each month to provide for oil import bill.

The euro closed at Rs 138.45 for buying and Rs 138.65 for selling, gaining Rs 3.45.

The pound sterling closed at Rs 158.53 for buying and Rs 158.73 for selling. It rose by Rs 4.18.

Kerb market: The rupee ended lower in the open currency market.

The US dollar closed at Rs 124.25 for buying and Rs 124.45 for selling, rising Rs 4.70 from previous session’s level. Earlier in the day it was trading at Rs 118.65 for buying and Rs 118.85 for selling.

The pound sterling closed at Rs 161.50 for buying and Rs 161.70 for selling, with Rs 3.90 change from previous session’s level.

The euro closed at Rs 141.50 for buying and Rs 141.70 for selling. It gained Rs 2.39.

Published in Daily Times, June 21^st 2018.