Rupee strengthens against dollar
KARACHI:
The rupee showed strength against the US dollar in the outgoing week. By Friday’s close, the local currency had gained 17 paisa over the greenback since last week in the open market.
Foreign exchange rates, published by the Forex Association of Pakistan, showed that the dollar was fetching Rs85.58 on Saturday, as compared to Rs85.75 a week earlier.
President Forex Dealers Association, Malik Bostan, told The Express Tribune that the “dollar had registered a sharp increase against the rupee in previous sessions. This was caused by higher demand on the back of payments for imports and loans.”
He said that the outgoing week witnessed a slowdown in demand for the greenback and inflows of foreign currencies also improved.
Over the same period, the local currency lost considerable ground against the euro as well as pound sterling.
Euro was valued at Rs107.75 at the close of trade on July 12. But by July 16, the exchange rate for the euro had shot up to Rs111.
Similarly, pound sterling was selling for Rs128.05 on July 12, but deterioration in demand for the local currency against the British pound took the rate to Rs131.45.
Published in The Express Tribune, July 18th, 2010.
The rupee showed strength against the US dollar in the outgoing week. By Friday’s close, the local currency had gained 17 paisa over the greenback since last week in the open market.
Foreign exchange rates, published by the Forex Association of Pakistan, showed that the dollar was fetching Rs85.58 on Saturday, as compared to Rs85.75 a week earlier.
President Forex Dealers Association, Malik Bostan, told The Express Tribune that the “dollar had registered a sharp increase against the rupee in previous sessions. This was caused by higher demand on the back of payments for imports and loans.”
He said that the outgoing week witnessed a slowdown in demand for the greenback and inflows of foreign currencies also improved.
Over the same period, the local currency lost considerable ground against the euro as well as pound sterling.
Euro was valued at Rs107.75 at the close of trade on July 12. But by July 16, the exchange rate for the euro had shot up to Rs111.
Similarly, pound sterling was selling for Rs128.05 on July 12, but deterioration in demand for the local currency against the British pound took the rate to Rs131.45.
Published in The Express Tribune, July 18th, 2010.