Rupee remains flat

The rupee ended steady against the dollar in the interbank market on Wednesday, dealers said. It closed unchanged at 141.39 against the greenback. However, the currency continued to gain grounds in the open market aided by comfortable supply of the dollars. Exchange Companies Association of Pakistan reported the closing rate in the kerb market at 142. The rupee finished at 142.30 against the dollar in the previous trade. “The rupee remained stable due to insignificant demand,” a forex dealer said. “The lack of fresh triggers also helped the rupee maintain its firmness against the US currency.” Dealers said the State Bank of Pakistan wants to keep the rupee stable at the current levels. “The currency is likely to post some gains in the coming weeks, as the dollar supply will improve due to the inflows coming from the IMF,” another dealer said.

Federal Finance Minister Asad Umar said that Pakistan and the International Monetary Fund have reached an agreement and the actual size of the financing would be between $6 billion and $8 billion. The IMF mission is scheduled to visit Islamabad later this month to discuss the final details of the programme.