Daily Times

KARACHI: The US dollar remained flat in value versus the rupee in the interbank and open market following the SBP’s decision to provide funds for import payments.

The dollar remained flat at Rs 104.40 for buying and closed at Rs 104.60 for selling in the interbank. It was traded at a day high of Rs 104.41 and a low of Rs 104.39.

A treasurer at a local bank said the decision of the State Bank of Pakistan to make oil payments remained the major factor for the rupee’s firmness.

Tightened rules regarding foreign exchange management to check outflows and to stabilise the domestic currency is working. These measures seem to have started yielding positive results.

The euro lost 20 paisas to close at Rs 110.25 for buying and Rs 110.45 for selling. The pound sterling declined by 81 paisas to close at Rs 129.75 and Rs 129.95 for buying and selling respectively.

Kerb Market: The dollar remained flat in value owing to a trend in the interbank market after SBP’s new directives to stabilize the local unit.

The dollar closed at Rs 107.30 for buying and Rs 107.50 for selling. It was trading at day high of 107.31 in the open market.

The demand of dollar in the open currency market from corporate and private sector buyers has now become slow, thus relieving the rupee of pressure.

The pound sterling closed at Rs 132.70 for buying and Rs 132.90 for selling; it shed 90 paisas against the rupee. The euro closed at Rs 112.70 for buying and Rs 112.90 for selling. It lost 27 paisas in the open market.