Rupee ends flat

KARACHI: The rupee ended flat on Friday due to limited demand for the dollars in the currency market. The rupee settled at 223.69 to the dollar, unchanged from the previous close. In the open market, the rupee also ended flat at 231.50 per dollar

Dealers said the demand for the dollar from importers remained modest after the central bank implemented administrative measures to limit nonessential imports. On Thursday, the State Bank of Pakistan denied reports that it has restricted the opening of letters of credit (LCs) for the import of oil and petroleum products in an attempt to curb a dollar shortage and preserve its depleting foreign exchange reserves.

The SBP said it ensures timely processing of foreign exchange payments through banks related to import of oil and gas products (including LNG) and in accordance with the contractual maturity of the trade documents. All the LCs/contracts for oil import are being retired on their due date through interbank foreign exchange market without any delay, it added.