KARACHI: The rupee recouped losses to end stronger on Wednesday due to easing demand from importers, with dealers expecting to see the local unit stable in the days ahead.
The rupee closed at 163.47 per dollar, 0.26 percent up from the previous close of 163.89 in the interbank foreign exchange market.
The rupee ended unchanged at 164 to the dollar in the open market.
“The demand for the greenback from importers was low, as imports payments had covered, which pushed the domestic currency higher,” said a foreign exchange dealer.
“The decline in international oil prices and the expected inflows from the IMF supported the rupee,” he added.
Pakistan is likely to receive $2.8 billion from the International Monetary Fund by the end of this month as the board of governors of the IMF has approved a general allocation of Special Drawing Rights (SDRs) equivalent to $650 billion for boosting global liquidity. The general allocation of SDRs would become effective on August 23, 2021. As a result of these inflows, the central bank’s foreign exchange reserves are expected to rise to record $20 billion.
“We expect the local unit to stabilize for now and it’s unlikely to cross the existing 163 levels on the back of slowdown in dollar demand for import payments,” said another dealer.
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...