Thursday, October 29, 2020

Rupee slightly gains against US dollar

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]
Pak rupee gained 1 paisas against US dollar to close at Rs140.39 on Monday compared with the last closing of Rs140.40 in inter-bank market.
The demand and supply situation in the market remained balanced as demand by importers and corporate sector was  offset be export receipts and remittances.
A sense of uncertainty prevails in the market resulting in fluctuations in the rupee value.  The rupee is expected to slide further as country’s fiscal deficit deteriorates. Rupee remained unchanged against dollar in the open market.
Malik Bostan Khan, President Forex Association of Pakistan said the buying and selling of US dollar was recorded at Rs140.80/Rs141.30 as against last closing of Rs140.80/Rs141.30 in cash free market.

 

Pakistani Rupee on February stood at 138.75 against US dollar in interbank on February 28, in the current month the rupee depreciated around 1.12 percent.

Commenting on the Rupee verses USD, state bank’s spokesperson said that the demand by the importers and corporate sector was offset by flow of remittances and export receipts.

However, SBP keep on monitoring the country’s economic scenario to maintain the pace of balance between interbank and cash free market.

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]
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