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Weekly review: Rupee steadier trend persists

Weekly review: Rupee steadier trend persists

LAHORE: The US dollar lost 10 paisas in inter-bank and 5 paisas in open market against Pakistani rupee during the weeklong trading from Monday to Friday.

As per detail, the value of dollar in inter-bank market was 102.7 on Monday and 102.6 on Friday against rupee, while, in open market its value was 102.9 on Monday and 102.85 on Friday, which shows 10 paisa decrease in dollar value in interbank and 5 paisa in open market.

On Monday, the opening day of the trading week, Pakistani rupee depreciated in interbank and open market against US dollar. The US dollar gained 10 paisa in interbank to reach 102.7 and 5 paisa in open market to reach 102.9.

Forex dealers, on Monday, said that fresh demand of US dollar and political impasse were causing rupee devaluation.

Pakistani rupee on Tuesday strengthened in both interbank and open market against US dollar. The US dollar lost 10 paisa in interbank to reach 102.6 and 5 paisa in open market to reach 102.85.

On Tuesday, it looks thatpolitical scenario is improving in the country as even Pakistan Awami Tehreek Leader Tahir-ur-Qardi has allowed his followers to go home like Pakistan Tehreek-e-Insaaf’s workers. Jamaat-e-Islami Ameer Siraj-ul-Haq has given positive indication for peaceful solution of protests in federal capital.

Wednesday, again a bad day for local currency, Pakistani rupee weakened against the US dollar in open market, while remained firm in interbank.

Pakistani rupee strengthened against the US dollar in open market, while remained firm in interbank on Thursday.

According to local currency market, on Thursday, the US dollar lost 10 paisa in open market and reached 102.8 and remained unchanged in interbank on 102.6. On Wednesday, the US dollar picked up four paisa in open market and reached 102.9 and remained firm in interbank on 102.6.

On Friday, last day of trading, Pakistani rupee stayed stable against US dollar in interbank, but weakened in open market on the last trading day in the currency market on Friday.

The US dollar gained 5 paisa in open market and reached 102.85 and remained unchanged in interbank on 102.6.

The rupee strengthens its grounds in weeklong trading against US dollar as State Bank of Pakistan has decided not to change its monetary policy for next two months. Also Pakistan has rebuilt its foreign exchange reserves, the rupee remained stable during the recent few months.