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December 12, 2019

Rupee ends firm

Business

December 12, 2019

The rupee ended flat against the dollar in both the currency markets on Wednesday, dealers said. In the interbank market, the local currency closed at 154.98 against the greenback, unchanged from the previous close.

The rupee ended firmer at 154.70 to the dollar in the open market. Dealers said the currency pair remained range-bound due to fewer import payments. “It was a mid of the week, so there was a routine importer demand in the market,” a dealer said.

“The rupee is likely to trade at the current levels in the sessions ahead.” Investors showed concerns about the steady growth in the workers’ remittances. Remittance flows inched up to $9.298 billion in the first five months of the current fiscal year from $9.281 billion a year ago.

The local currency posted gains since last month because of increased supply of the greenback, higher foreign exchange reserves and improved prospects of the economy. The local unit is expected to strengthen further in the near-term on the expectations of increase in dollar inflows from international creditors.

Pakistan is expected to receive second tranche of around $450 million from the IMF under its three-year loan programme after the completion of the first review on the economy this month.

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