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KARACHI, Oct 7: The rupee has gained nine paisa against the US dollar in the inter-bank market in two days. Senior bankers said it closed around Rs57.64 to a dollar on Tuesday, up from the weekend close of about Rs57.73.
An official of the State Bank said the rupee was appreciating on the back of higher inflow of foreign exchange. He made no comment when asked what is the next support level for the dollar.
Senior bankers said the dollar fell as the State Bank did not come to support it through ready purchase of foreign exchange from the banks. “It seems the central bank will now support the dollar at a different level,” said treasurer of a local bank.
The dollar remained almost stable during the first three months of the current fiscal at a little below Rs58. At the close of the last fiscal year on June 30 it stood at Rs57.85. At the present level of Rs57.64 it shows only a marginal fall of 21 paisa in more than three months. The SBP has been holding the dollar firm to benefit exporters.
KERB MARKET: The fall of the dollar in the inter-bank market mirrored immediately in open market transactions. Money changers said the dollar fell to Rs57.70/Rs57.80 for spot buying and selling on Tuesday, down from the weekend close of Rs57.95/ Rs58.05.
Galaxy Exchange Company director Anwar Jamal said the US unit was trading at Rs57.68/ Rs57.73 late in the evening on huge selling. He said expatriate Pakistanis returning home to celebrate Ramazan were selling not only the US dollar but other currencies as well. But he pointed out that the euro and the pound were rising despite enough inflow chiefly because the two currencies are getting stronger in the international market — and that local investors have interest in them.
