Daily Times

The US currency closed flat in value against the rupee in the interbank market, owing to dull demand from prime importers and oil companies for their payments.

The dollar closed at Rs 128.40 for buying and Rs 128.60 for selling. The dollar traded lowest at Rs 128.39 during noon trading.

The differential between dollar rates in kerb and interbank markets increased to Rs 2 on day’s average.

Banks made payments worth $2.1 million to $2.3 million against a supply of $2.2 to $2.3 million. State-run banks and large commercial banks were involved in the payments to the corporate sector.

State Bank of Pakistan did not make substantial intervention in the market, perhaps it has realised that open market mechanism should allow prevailing.

The euro gained Rs 1.11 in the interbank to close at Rs 150.80 for buying and Rs 151 for selling. The pound sterling remained up by Rs 1.60 to close at Rs 168.72 and Rs 168.92 for buying and selling respectively.

Kerb Market: The greenback appreciated against the domestic currency in the open market, owing to demand of dollar from corporate sector and private buyers, foreign exchange dealers said. The US dollar closed at Rs 130.50 for buying and Rs 130.70 for selling. It gained Rs 1.60 in the open market against the rupee.

The demand of dollar was bit higher than its supply, which caused the value of rupee to remain dull in the kerb market.

The pound sterling closed firm at Rs 168 for buying and Rs 168.20 for selling against rupee with 50 paisas increase while the euro closed at Rs 150 for buying and Rs 150.20 for selling. It gained 50 paisas in the kerb.

Published in Daily Times, July 24^th 2018.