Rupee slightly recovers losses in interbank

KARACHI: The local currency gained some value against the dollar in interbank when it appreciated by 0.06 per cent, the State Bank of Pakistan (SBP) reported on Friday.

The dollar closed the session at 278.5 against the rupee, depreciating by 17 paisas as the closing level on Thursday was 278.67. The dollar lost some value a day after it went up slightly by 0.05 per cent when it gained 15 paisas. The currency saw an intraday high of 278.85 and a low of 278.75.

In the open market, exchange companies quoted the dollar at 279.08 for buying and 280 for selling. Dealers said that the dollar-rupee parity has been stable in the interbank market for the last many weeks. They said that dollar demand for imports is being catered to easily as remittances have also shown improvements.They said that the situation of dollar demand is not erratic these days, and the exchange rate is functioning smoothly as per the market parameters.

The said that although Pakistan is not on the agenda of the IMF executive board’s meeting later this month, there are positive indications that the country would receive the nod of the IMF’s highest office in September.