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Weekly review: Rupee firms in inter-bank, weakens in open market

Weekly review: Rupee firms in inter-bank, weakens in open market

LAHORE: The US dollar lost 20 paisa in inter-bank and gained 5 paisa in open market against Pakistani rupee during the weeklong trading from Monday to Friday.

As per detail, the value of dollar in inter-bank market was 102.6 on Monday and 102.4 on Friday against rupee, while, in open market its value was 102.85 on Monday and 102.9 on Friday, which shows 20 paisa decrease in dollar value in interbank and 5 paisa gain in open market.

Experts say that fluctuation in the value of Pakistani rupee could continue as both the protesting parties — Pakistan Tehreek-e-Insaf and Pakistan Awami Tehreek — have vowed to continue their sit-ins in the federal capital.

US dollar strengthened against Pakistani rupee in inter-bank and open market on the first trading day of trading on Monday. As per details, US dollar strengthened 40 paisa to reach 102.9 in open market and 20 paisa to reach 102.4 in inter-bank market against Pakistani rupee.

Forex dealers that day said, besides fresh demand from importers for the American unit, a lower opening in the domestic equity market as well as decline in political stability put pressure on the rupee.

On Tuesday, US dollar strengthened 30 paisa to reach Rs 102.7 in inter-bank and weakened 5 paisa to reach Rs 102.85 from earlier Rs 102.9 in open market.

The Pakistani rupee strengthened in inter-bank against US dollar on Wednesday, after many days downtrend in market due to floods and political chaos in the federal capital.

The US dollar weakened 20 paisa to reach 102.5 in inter-bank and strengthened 5 paisa to 102.9 in open market against Pakistani rupee on Wednesday.

Financial experts on Wednesday, were of the view that local currency is improving its value as dealers are hoping improvement on political front and leaders of the protesting Pakistan Tehreek-e-Insaf (PTI) are still hoping for resumption of meaningful talks with the government to address the party’s concerns regarding electoral rigging.

On Thursday, US dollar gained 10 paisa and reached 102.6 in inter-bank, while it lost 10 paisa to reach 102.8 in the open market.

Pakistani rupee weakened in open market and remained stable in inter-bank against US dollar on the last working day of the trading week in the local currency market.

On last day, the US dollar gained 5 paisa in open market to reach 102.85 and remained stable with 102.6 in inter-bank.

According to economic experts, US dollar could further gain value due to the current political deadlock in the country. Pakistan Tehreek-e-Insaf Chairman Imran Khan’s Go-Nawaz-Go Day call on Friday might affect rupee value in local market, they added.