Rupee likely to appreciate

The rupee is expected to appreciate against the dollar next week, as it strengthened after strong external inflows, leading to considerable increase in the foreign exchange reserves, currency analysts said.
“The rupee-dollar parity looks to gain some grounds, trading between 101.70 and 101.80 in the interbank forex trade next week,” an analyst said. The rupee rose 11 paisas against the greenback during the outgoing week. It closed at 101.95 on Monday, while at the end of the week; it ended at 101.84 to the dollar. Pakistan’s forex reserves surged to $16.706 billion, while the reserves held by the State Bank of Pakistan stood at $11.617 billion as of April 3.