Tuesday, October 3, 2023

Rupee gains

KARACHI: The rupee posted slight gains against the dollar in the interbank market on Monday and dealers said the domestic currency should follow a range-bound trading pattern in the days ahead.

The rupee closed at 155.85 against the dollar, compared with the previous closing of 155.97. In the open market, the rupee ended at 156.30 to the dollar, compared with 156.40 on Friday. Dealers said the local currency managed to gain ground against the greenback due to healthy supplies, amid forward dollar selling by exporters.

“There were some payments today, but the inflows were sufficient to meet the demand, a currency dealer said. “Exporters sold dollars in the market, which supported the rupee.”

The higher-than-expected reduction in the current account deficit in February

and the expected issuance of a $500 million worth tranche from the International Monetary Fund (IMF) under its extended fund facility also lifted traders’ sentiment.

The IMF’s executive board is likely to approve pending second to five reviews of the authorities’ reform programme later this month or early next month. Dealers said they expected the rupee to stay range-bound in the coming sessions. The rupee should trade in the band of 155.70 to 156.20 against the dollar this week, the dealers added.



Source: The News

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