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Wednesday April 24, 2024

Rupee ends flat

By Our Correspondent
March 29, 2023

KARACHI: The rupee ended almost flat against the dollar on Tuesday on matching demand and supply of the greenback in the market, dealers said.

The local unit ended at 283.55 per dollar, compared with Monday’s close of 283.58 in the interbank market. In the open market, the domestic currency gained 50 paisa to finish at 286 per dollar.

The rupee saw a little fluctuation helped by equilibrium in the demand and supply of dollars, according to the dealers. “We saw normal dollar demand from importers, while supplies improved due to remittances coming from Pakistani citizens working abroad on account of Ramazan,” said a currency dealer.

“We expect the rupee to trade in a range-bound manner, but the near-term outlook for the rupee will depend on the progress on the International Monetary Fund loan programme,” he added.