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Weekly review: Rupee steadier, weighs 20 paisas in interbank

Weekly review: Rupee steadier, weighs 20 paisas in interbank

LAHORE: The US dollar lost 20 paisas in inter-bank and 15 paisas in open market against Pakistani rupee during the week-long 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 102.75 on Monday and 102.6 on Friday, which shows 20 paisa decrease in dollar value in interbank and 15 paisa in open market.

On Monday, Pakistani rupee kept steadier trend in interbank and further strengthened in open market against US dollar on the first day of trading week, as rupee showed no change in interbank and kept its value on 102.6, and gained value in open market as US dollar shed 10 paisa and stand at 102.75.

Fluctuation was witnessed in value of Pakistani rupee against US dollar as rupee gained value in open market, but dropped in interbank on Tuesday. The US dollar shed 25 paisa in open market to reach 102.5, while gained 10 paisa to stand at 102.70.

On Wednesday, Pakistani rupee maintained its grip against US dollar both in open market and interbank as Karachi Stock Market also witnessed a positive trend on the third day of trading. The US dollar lost 10 paisa each in open market and interbank to reach 102.4 and 102.6 respectively.

The Rupee gained 10 paisa against US dollar in interbank and remained steady in open market on Thursday, as the dollar lost 10 paisa in interbank to reach 102.5 and remained steady in open market to stand at 102.4.

On last day of market, Pakistani rupee witnessed depreciation against US dollar in open market, but gained value in interbank on the last day of trading, as the US dollar gained 20 paisa in open market and reached 102.6, however, shed 10 paisa in interbank to reach 102.4.

Experts say that the massive political gathering by Pakistan Tehreek-e-Insaaf in Mianwali has pressurised the government, which was expected to influence currency and stock markets, however, both ended week as victorious.

Being strong in international market, it was unexpected for dollar to lost against rupee

They said that the recent gain by Pakistani rupee was unexpected in current prevailing distortions Pakistani economy has been facing for long. “Also the firmness of dollar in first Asian trade recently as it touched a fresh four-year high against many currencies and started the week close to a six-year peak against the yen, getting a tailwind from data showing higher US growth in the second quarter, were the atmosphere in which the increase in rupee value was just a surprise,” they added.