KARACHI: The rupee trimmed losses on Thursday because of easing payment pressure, dealers said.
The rupee gained nine paisas to close at 168.13 against the dollar, compared with the Wednesday’s closing of 168.22 in the interbank market.
In the open market, the rupee ended at 168.60 against the dollar, 20 paisas stronger from the previous closing of 168.80. Dealers said the domestic currency pared some of its losses due to the lack of import and debt payments. Some support from export receipts also helped the rupee recover during the session.
“There were fewer payments in the market,” a dealer at a commercial bank said.
Apart from the imports pressure, the local unit saw a downward trend in the recent days, as there were reports that Pakistan repaid $1 billion of the $3 billion loan to Saudi Arabia that it obtained one-and-a-half-year ago to avoid default on international debt obligations.
Traders suspected this debt payment put the foreign exchange reserves and the rupee under strain.
“The rupee is expected to remain under pressure, as Pakistan Investment Bonds and Treasury Bills are maturing this month,” said Yaqoob Abubakar from Tresmark, an application that tracks financial markets.
The headquarters of the Sui Southern Gas Company . — APP FileKARACHI: Sui Southern Gas Company has launched a fresh...
The logo of the ExpoMed Eurasia. — CA MI websiteKARACHI: Pakistan is participating in ExpoMed Eurasia, a leading...
Gold bars are seen in this undated file photo. — AFP/FileKARACHI: Gold prices increased by Rs500 per tola on...
FFBL Head Office building can be seen in Islamabad. — FFBL WebsiteKARACHI: Fauji Fertilizer Bin Qasim Limited has...
Representational file of an BMW car. — AFP FileLAHORE: Small improvements in economic credentials of the country are...
A fuel station worker filling petrol in vehicle at a fuel station in Karachi on Tuesday, April 16, 2024KARACHI: After...