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US dollar demand low

Karachi: Rupee on the fourth day of the trading week managed to post gains against the dollar mainly due to lesser import expenses and a recovering economic outlook.

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US dollar demand low
GNN Media: Representational Photo

According to the State Bank of Pakistan, the interbank exchange rate of US dollar vs Pakistani rupee on Thursday was Rs157.09 whereas Forex dealers claimed that the dollar fell from Rs157.13 to close at Rs157.09 in the interbank market.

The US Dollar against PKR was Rs157.13 on Wednesday March 10. The rupee rate at the closing of market increased by Rs0.09 bringing the Dollar to PKR exchange rate at Rs157.09.

According to the Currency dealers the rupee continued to appreciate versus the greenback due a slowdown in the demand of the dollar from importers. “There is a lack of import payment pressure. It seems the government had already bought oil to meet its demand,” a foreign exchange trader thought.

“The market didn’t react to the surge in the international oil prices,” he added.

The market players are focusing on fundamentals, dealers said. 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.

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