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Weekly review: Rupee sheds 50 paisa against dollar

Weekly review: Rupee sheds 50 paisa against dollar

LAHORE: The US dollar strengthened 50 paisa and 25 paisa in inter-bank and open markets respectively during the weeklong trading from Monday to Friday, as the deadlock between the negotiators — representing the government and Pakistan Tehreek-e-Insaf (PTI) over the resignation of Prime Minister Nawaz Sharif — continued during weeklong talks.

The US dollar strengthened 20 paisa against Pakistani rupee on Monday in open market to reach 102.25, while in inter-bank transactions US dollar was sold at Rs 101.7 at the same price of last trading day. Financial experts were of the view that traders were comforted due to the progress in talks between political players.

On Tuesday, however, the US dollar reaches at Rs 101.8 in inter-bank market by gaining 10 paisa, while Pakistani rupee strengthened by 15 paisa in open market against US dollar to reach 102.1.

The US dollar weakened 10 paisa against rupee in inter-bank and open market to reach 101.7 and 102 against rupee respectively on Wednesday.

US dollar went up against Pakistani rupee in both inter-bank and open market as Pakistani rupee weakened 15 paisa to reach 102.15 in open market and 10 paisa to reach 101.8 in inter-bank market against US dollar on Thursday.

On Friday, the Pakistani rupee weakened against the US dollar in inter-bank market as it lost 40 paisa and 35 paisa on the last trading day of the week in inter-bank and open market respectively. US dollar reached Rs 102.2 in inter-bank market and Rs 102.5 in open market on Friday.

A currency dealer told Customs Today that rupee remained weak the whole week and could not get back the status of the last months, as the political unrest and flood crises made the traders and investor confused.

Many bankers said the situation has changed now as the government is
facing two challenges simultaneously, political unrest and flash floods. It is better to persuade exporters instead of pumping dollars in the market at a point when the reserves of State Bank of Pakistan and private banks have decreased. The assets of SBP fell down to $ 8.693 billion from $8.719 billion of previous week. While the reserves held by other banks slipped to $4.721 billion from $4.859 billion.