Rupee stable

The domestic rupee ended flat on Thursday due to match between demand and supply of dollar in the currency market, dealers said.

The rupee closed at 156.23 against the dollar, only two paisas lower compared to Wednesday’s close of 156.25 against the dollar in the interbank market.

However, the currency gained slightly in the open market helped by soft demand for foreign exchange. It rose 10 paisas to 156.30 against the dollar.

Dealers said the rupee was stable, while the supply of dollars was enough to cater the local market demand.

“The rupee has been supported by exporter dollar conversions,” a currency dealer said. “Positive sentiments about Prime Minister Imran Khan’s Visit to Saudi Arabia

also helped lend stability to the rupee,” he added.

The prime minister left for Saudi Arabia on a two-day official visit on Thursday. The leadership of both countries was expected to discuss ways to further strengthen the economic cooperation between Pakistan and Saudi Arabia.

Government held by PIB auctions the other day which saw record participation of around Rs788 billion, out of which the government borrowed Rs183 billion.