The greenback remained flat against the rupee in the interbank while depressed in open market on back of dull demand by corporate and private sector, treasurers and currency dealers said.
The dollar closed flat at Rs 104.70 for buying and Rs 104.90 for selling. It traded at a day high of Rs 124.10 and a low of Rs 124.11.
A treasurer at commercial bank said the decision of State Bank of Pakistan to make oil payments remained the major factor for rupee’s steadfastness.
Besides the oil payment decision, SBP has also tightened some rules regarding foreign exchange management to check outflows and stabilise the domestic currency.
Bankers said the local currency might gain further in the short-term. But in the long-term it could remain under pressure unless oil prices fall substantially and inflows of foreign exchange rise.
The euro lost 70 paisas to close at Rs 144.46 for buying and Rs 144.66 for selling. The pound sterling remained dull by 51 paisas to close at Rs 162.24 and Rs 162.44 for buying and selling respectively.
Kerb Market: The dollar shed strength owing to flat trend in the interbank market after SBP’s new directives to stabilise the local unit. The dollar closed at Rs 125 for buying and Rs 125.10 for selling. It lost 20 paisas in the open market.
The pound sterling closed at Rs 163 for buying and Rs 163.20 for selling. It shed 25 paisas against the rupee. The euro closed at Rs 147 for buying and Rs 147.20 for selling. It shed 75 paisas in the open market.
(This news/article originally appeared in Daily Times on September 18th, 2018)