Domestic currency closed slightly weaker on Tuesday, as increased dollar demand from importers weighed on it. The rupee ended at 154.25 per dollar, down from Monday’s close of 154.21 in the interbank market.
In the open market, however, the rupee gained 10 paisa to settle at 154.30 against the dollar. “There were some import payments, which pushed the rupee down,” said a foreign exchange dealer.
Dealers said the rupee is likely to stay stable in coming days. “We expect the rupee to trade at the current levels in sessions ahead because of healthy remittances, increase in foreign financial inflows and strong foreign exchange reserves position,” said another dealer.
The expectations of monetary easing are also building sentiment in the market. Traders see chances of policy rate cut at next policy meeting scheduled for March if inflation shows a declining trend.
Swiss financial services firm, Credit Suisse in its latest report said it expected the State Bank of Pakistan (SBP) to slash interest rates in the range of 100 to 200 basis points in the second half of the this year, as the rupee stepped back on to the stability path. “We believe the SBP will most likely await firm signs of disinflation before doing so.”
Sheikh argued that the government should have maintained stable petroleum prices
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