Daily Times

The greenback lost ground 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 123.50 for buying and Rs 123.70 for selling. It shed 40 paisas in interbank.

The differential between dollar rates in kerb and interbank market decreased to Rs 1.71 in transaction on average.

Banks made payments worth $2.1 million to $2.3 million against a supply of $2.5 to $2.8 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 79 paisas in the interbank to close at Rs 140.63 for buying and Rs 140.83 for selling. The pound sterling shed 42 paisas to close at Rs 157.01 and Rs 157.21 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 121.50 for buying and Rs 121.70 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 Rs 2 to close at Rs 153 for buying and Rs 153.20 for selling, while euro closed at Rs 136 for buying and Rs 136.20 for selling. It shed Re 1 in the kerb.

Published in Daily Times, August 17^th 2018.