Rupee gains

The rupee gained five paisas against the dollar in the interbank currency market on Friday, dealers said. The local unit closed at 154.56 against the dollar, up from Thursday’s closing of 154.61.

The rupee gained because of increased dollar supply in the shape of export receipts and workers’ remittances. Further, lower oil prices in the international markets also reduced the demand for the greenback.

In the open market, the local currency remained unchanged against the dollar, as it closed at 154.80 versus the dollar, which was the same previous day’s level.

Experts said the currency is likely to remain stable against the dollar in the days ahead, amid positive market sentiment; following optimistic response from the Financial Action Task Force (FATF) regarding removal of Pakistan from the ‘grey list’.

Reportedly, Pakistan had presented its case strongly and managed to satisfy the FATF working group.

The experts said outbreak of coronavirus in China reduced the oil prices internationally. This may also impact the imports from China to international markets, as well as Pakistan.

The foreign exchange reserves held by the State Bank of Pakistan rose to $11.586 billion as of January 10 from $11.503 a week earlier.