Rupee stable

KARACHI: The rupee held almost steady against the dollar on Thursday in dull trade, dealers said.

The rupee closed at 157.16/dollar, compared with Wednesday’s closing of 157.13.

In the open market, the rupee lost 15 paisas to end at 157.50. It had finished at 157.35 in the previous session.

Dealers said the local unit reversed some of the gains it made in the previous session, as political uncertainty outweighed the impact of positive developments on the economic front.

Moreover, an increase in the trade deficit also hurt the sentiment.

Pakistan’s trade deficit widened 24 percent year-on-year to $2.52 billion in February due to higher imports and decline in exports.

“Still there is a view in the currency market the rupee has room to appreciate

further in the coming sessions, amid multiple economic positives,” a currency dealer said. Strong external position under the direction of the International Monetary Fund programme, continued healthy dollar inflows in the shape of remittances and Roshan Digital Account will help keep the rupee stable in the short-term.