Pakistani Rupee to Stay Stable in the Interbank Market Against Dollar

This week, rupee increased by 29 paisas by trading at 154.85 against the greenback in the interbank market.

The previous closing, the rupee held moderate gains, shaping the positive economic model for the country.

Compared with the previous trading cost of 154.66, On Tuesday, the local currency increased by trading at 154.56 to the dollar at the end of the week. The deficit in the current account and the contraction in strong foreign exchange reserves position, boost the rupee value and closed greater at 154.85 to the dollar.

The rise in Pakistan’s currency found to improve market sentiment and dealers expect the current gains to continue in the newly coming sessions. Pakistan captivated foreign investment of above $500 million this week in Treasury bills -said by an application that records the financial market.

The reports also claim that the massive inflows strengthened the rupee value.

Forex reserves went up by a mere $82 million and it will be important to see the reserves position coming Thursday because if the central bank doesn’t utilize the excess dollars to build reserves, the rupee could strengthen to 152/dollar in just a few weeks,” weekly report issued.

Pakistan’s present account deficit lessened 75 percent to $2.153 billion in the first six months of the current fiscal year. It also helped in increased exports and the lowest imports.