The dollar closed at Rs 120.15 for buying and Rs 120.35 for selling. It shed 20 paisas in interbank. The differential between dollar rates in kerb and interbank market decreased to Rs 2.61 in transaction on average.
Banks made payments worth $1.1 million to $1.5 million against a supply of $2 to $2.3 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 74 paisas in the interbank to close at Rs 145.24 for buying and Rs 145.44 for selling. The pound sterling shed Re 1 to close at Rs 162.62 and Rs 162.82 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 121.15 for buying and Rs 121.35 for selling. It lost Re 1 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 Re at Rs 163 for buying and Rs 163.20 for selling, while euro closed at Rs 131 for buying and Rs 131.20 for selling. It shed 50 paisas in the kerb.
Published in Daily Times, August 1st 2018.
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