Rupee breaks winning streak, loses 0.02% against dollar

• Local currency settles at Rs170.01 in the interbank market — a slight loss from yesterday’s close of Rs169.97.
• Analysts suggest that clarity regarding IMF and declining trade deficit has improved rupee-dollar parity.
• Tahir Abbas says keeping in view the measures taken by the govt and central bank, the local currency is expected to improve going forward.

KARACHI: The rupee snapped a six-day winning streak against the dollar on Thursday, losing 0.02% to close the session at Rs170.01 in the interbank market — a slight loss from yesterday’s close of Rs169.97.

The rupee has been on an uptrend since Pakistan received funds worth $3 billion from Saudi Arabia last week and had gained around Rs5.30 against the greenback during the period of October 27-November 3.

Earlier, speaking to Geo.tv, Arif Habib Limited's Head of Research Tahir Abbas had said that the correction during the week was in line with market expectations.

Analysts suggest that clarity regarding International Monetary Fund (IMF) and declining trade deficit has improved rupee-dollar parity.

Abbas had predicted that the rupee will remain in the consolidation phase as with the revival of the IMF programme, Pakistan will also get funds/loans from World Bank and Asian Development Bank.

He had said that keeping in view the measures taken by the government and central bank, the local currency is expected to touch Rs167-168 against the US dollar.