Ru­pee makes sharp gains ver­sus euro

The Pak Banker - - FRONT PAGE -

LA­HORE: The ru­pee moved both ways with mi­nor changes against the dol­lar in the lo­cal cur­rency mar­ket last week. A lit­tle pick-up in dol­lar de­mand to cover im­ports and cor­po­rate pay­ments amid a firm open­ing of do­mes­tic eq­ui­ties ex­erted down­ward pres­sure on the ru­pee.

How­ever, the sus­pected SBP in­ter­ven­tion through state-owned banks also kept it cheery to­wards the week's clos­ing ses­sions. On the in­ter­bank mar­ket, the ru­pee com­menced the week in mi­nus as it con­tin­ued its in­ces­sant fall against the dol­lar, ex­tend­ing week­end losses by drop­ping four paisas on the buy­ing counter and three paisas on the sell­ing counter to end at a fresh four month low at Rs104.85 and Rs104.86 against the last clos­ing at Rs104.81 and Rs104.83. Rev­ers­ing its overnight los­ing run, the ru­pee in the sec­ond trad­ing ses­sion man­aged to re­cover five paisas on the buy­ing counter and four paisas on the sell­ing counter at Rs104.80 and Rs104.82 against the dol­lar. In the last trad­ing ses­sion, the ru­pee failed to hold firm ground ver­sus the dol­lar and posted four paisas loss on the buy­ing and three paisas on the sell­ing counter before clos­ing the week slightly lower at Rs104.84 and Rs104.85 against the dol­lar. On a week-on-week ba­sis, the ru­pee suf­fered up to three paisas loss against the dol­lar on the in­ter­bank mar­ket.

In the open mar­ket, the ru­pee came un­der re­newed de­mand pres­sure. It suf­fered the big­gest sin­gle- day loss against the dol­lar in the past 13 weeks, los­ing 30 paisas at Rs105.40 and Rs105.60 against the last clos­ing of Rs105.10 and Rs105.30. Con­tin­u­ing its down­ward move­ment for the sec­ond straight day, the ru­pee fur­ther drifted lower by 10 paisas in the sec­ond ses­sion, hit­ting al­most a three- and- a half month low at Rs105.50 and Rs105.70. A weak­en­ing dol­lar against other cur­ren­cies over­seas and a higher open­ing in the do­mes­tic stock mar­ket amid sus­tained dol­lar de­mand weighed on the ru­pee that kept the ru­pee firm and re­sulted in 10 paisas re­cov­ery against the dol­lar. On a week- on- week ba­sis, how­ever, the dol­lar in the open mar­ket posted 30 paisas gain against the ru­pee. --

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