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August 7, 2020

Rupee trims losses

Business

August 7, 2020

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.