Friday, March 10, 2023

Rupee resumes uptrend on 'improved supply' of dollar

Local currency gains 1.53 against the dollar in interbank market; closes at 280.77

A foreign currency dealer counts US dollars at a money exchange company. — INP/File
A foreign currency dealer counts US dollars at a money exchange company. — INP/File  

  • Rupee gains 1.53 against dollar in interbank market.
  • Local currency closes at Rs280.77 against greenback.
  • Increased dollar supply led to matching demand and supply: Paracha. 

KARACHI: The Pakistani rupee on Friday resumed its uptrend in the interbank market against the US dollar as the supply for the greenback improved. 

The local currency gained 1.53 or 0.54% against the dollar in the interbank market during intraday trading. The rupee closed at Rs280.77 at the close of the market.  

A day earlier, the rupee depreciated by Rs3.18 against the dollar and closed at Rs282.30 due to further delay in the revival of the loan agreement with the International Monetary Fund (IMF).

General Secretary Exchange Companies Association of Pakistan (ECAP) Zafar Paracha told that the dollar supply has increased which has led to the matching demand and supply.

"The import demand is not much today, however, the remittances and export proceeds have increased and people are encashing their payments which is a positive trend," he added. 

He said that the dollar will not increase on Monday in the coming week if the situation persists, however, there is some pressure when the week starts. 

Paracha was hopeful of positive sentiment in the market as the State Bank of Pakistan (SBP)-held foreign exchange reserves rose above the $4 billion mark after the country received a $500 million loan from a Chinese bank.