KARACHI: The Pak Rupee gained two paisas on Friday despite higher demand for import and corporate payments.
The rupee ended at Rs155.65 to the dollar from previous day’s closing of Rs155.67 in interbank foreign exchange market.
Currency dealers said that the rupee was under pressure earlier in the day due to higher demand for import and corporate payments due to two weekly holidays. However, the sufficient inflows helped the rupee to gain two paisas at the market close.
The foreign currency market was initiated in the range of Rs155.77 and Rs155.80. The market recorded day high of Rs155.77 and low of Rs155.65 and close at Rs155.65.
The exchange rate in open market witnessed stable rupee value. The buying and selling of dollar was recorded at Rs155.50/Rs155.80, the same previous day’s level, in cash ready market.
Analysts expect the rupee to remain range-bound in the short term amid balanced supply and demand conditions in the forex market. However, future movement will depend on import payments, remittance inflows, and external financing support to stabilize foreign exchange reserves. Market participants will closely monitor global oil prices, interest rate trends, and any policy measures by the central bank to manage volatility in coming trading sessions ahead and beyond period.