Ru­pee stays steady vs dol­lar

The Pak Banker - - FRONT PAGE -

KARACHI: The ru­pee traded un­der slight pres­sure against the dol­lar in the lo­cal cur­rency mar­ket fol­low­ing re­newed dol­lar de­mand from im­porters last week. Lead­ing cur­rency deal­ers, how­ever, kept to the side­lines amid lack­lus­tre ac­tiv­i­ties. Com­fort­able dol­lar sup­plies re­stricted the sharp de­cline in the ru­pee. So far in March, the par­ity on the in­ter­bank mar­ket hov­ered in nar­row ranges be­tween the high of Rs104.66/68 and the low of Rs104.74/76 while in the open mar­ket the ru­pee man­aged to re­cover against the dol­lar amid slight variations, trad­ing in the range of Rs106.10/30 and Rs105.40/60 de­spite com­ing un­der pres­sure in the last week. Ac­cord­ing to the mar­ket ex­pec­ta­tions, the par­ity is likely to end March in the range of Rs105 and Rs106. The dol­lar rate dif­fer­en­tial be­tween open and in­ter­bank mar­kets re­mained fluc­tu­ated.

Mean­while, on the in­ter­bank mar­ket last week, the ru­pee fell on per­sis­tent de­mand for the Amer­i­can cur­rency from banks and im­porters on the back of higher green­back overseas. It hov­ered in a range of Rs104.74 and Rs104.75 in the first trad­ing ses­sion af­ter los­ing six paisas on the buy­ing counter and also shed­ding five paisas on the sell­ing counter against the prior week­end lev­els of Rs104.68 and Rs104.70. The con­tin­ued its downslide for the sec­ond con­sec­u­tive day. Trad­ing ac­tiv­ity re­mained sus­pended in the third trad­ing ses­sion, be­ing pub­lic holiday on ac­count of Pak­istan Day. In the last trad­ing ses­sion, the ru­pee al­most held its overnight lev­els against dol­lar, trad­ing at Rs104.74 and Rs104.75 amid dull ac­tiv­i­ties. The dol­lar man­aged to gain six paisas on the buy­ing counter and five-paisas on the sell­ing counter on the in­ter­bank mar­ket on a week-on-week ba­sis last week. In the open mar­ket, the de­mand and sup­ply of dol­lars re­mained mod­er­ate last week. The ru­pee lost five paisas in the first trad­ing ses­sion, trad­ing at Rs105.45 and Rs105.65 against the last clos­ing of Rs105.40 and Rs105.60. Rel­a­tively lesser-than-usual de­mand from the cor­po­rate sec­tor and no size­able pay­ments from na­tional ex­che­quer the ru­pee re­cov­ered five paisas and re­vert back to the prior week­end lev­els.

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