The decision of State Bank of Pakistan to provide funds for imports and oil payments put domestic unit firm against greenback.
The US currency closed at Rs 124.10 for buying and Rs 124.30 for selling.. The difference between the rate of dollar in the kerb and interbank markets decreased to 05 paisas from Rs 15 on day’s average.
Banks made payments worth $2.3 million $2.5 million against an approximately equal supply. The dollar traded at a day high of Rs 124.11 and a low of Rs 124.09.
A commercial bank treasurer said the rupee might face some pressure for near term as influx of remittances from Pakistanis would witness dull inflow. In the long term, however, its movement depends all on the inflows, he said.
Also Read: Rupee report: Rupee stays range-bound
The euro remained dull in the interbank market by Re 1 to close at Rs 143.35 for buying and Rs 143.55 for selling. The pound sterling remained depressed in value by 04 paisa to close at Rs 160.14 and Rs 160.34 for buying and selling respectively.
Kerb market: The dollar ended dull in the open currency market against the rupee. It remained depressed by 20 paisas to close at Rs 124.10 for buying and Rs 124.30 for selling.
The pound sterling closed down by 26 paisas and closed at Rs 159.75 for buying and Rs 159.95 for selling against the rupee. The euro closed dull by 60 paisas at Rs 143 for buying and Rs 143.20 for selling.
(This news/article originally appeared in Daily Times on September 10th, 2018)