Daily Times

KARACHI: The greenback ended depressed in value against the domestic unit in the interbank and open markets, owing to dull demand from prime importers and oil companies for their payments.

The dollar closed at Rs 121.40 for buying and Rs 121.60 for selling. It shed 10 paisas in interbank.

The differential between dollar rates in kerb and interbank market decreased to Rs 2.16 in transaction on average.

Banks made payments worth $3.1 million to $3.5 million against a supply of $4 to $4.2 million. State-run banks and large privatised banks were involved in the payments to the corporate sector.

State Bank of Pakistan also did not make substantial intervention in the market.

The euro lost 90 paisas in the interbank to close at Rs 142.88 for buying and Rs 143.12 for selling. The pound sterling shed Re 1 to close at Rs 161.39 and Rs 161.59 for buying and selling respectively.

Kerb Market: The dollar remained dull in value against the domestic unit in the open market, owing to lowering demand from corporate and private sector.

The US dollar closed at Rs 124.20 for buying and Rs 124.40 for selling. It lost 50 paisas in the open market against the rupee.

The demand of dollar was less than its supply, which caused the value of rupee to stand firm in the kerb market.

The pound sterling closed dull by 50 paisas at Rs 164 for buying and Rs 164.20 for selling, while euro closed at Rs 145 for buying and Rs 145.20 for selling. It shed 50 paisas in the kerb.

Published in Daily Times, July 10^th 2018.