Rupee up against US dollar

According to the data released by the State Bank of Pakistan, the dollar has depreciated by 4 paisas in the interbank market. According to Forex dealers, the dollar fell from Rs157.08 to close at Rs157.04 in the interbank market.

Interbank closing #ExchangeRate for today: https://t.co/DzcOmcBI0K pic.twitter.com/zTiGM8jzfM

— SBP (@StateBank_Pak) March 9, 2021

Whereas in open market, the buying rate of the US dollar was Rs157, while its selling rate was Rs157.9 at the closing of Pakistan's currency market.

“Inflows from Pakistani workers employed abroad and export receipts helped the rupee make slight gains, despite the demand for import and corporate payments,” a foreign exchange dealer said. 

“We expect the rupee to extend meagre gains due to enough supply of the greenback to meet the demand. The rupee could touch Rs156/dollar levels in the coming sessions,” he added. 

The rupee has gained value against the dollar in recent days on the back of Roshan Digital Account inflows, resumption of the International Monetary Fund’s loan programme, and robust forward sale of dollars by exporters.

The forex market hasn’t responded to the ongoing political noise in the country that emerged after Pakistan Tehreek-e-Insaf lost the Senate seat from Islamabad where its candidate Dr Abdul Hafeez Sheikh was defeated by Opposition's Syed Yousuf Raza Gilani.