Rupee stable against dollar

Our Correspondent
Wednesday, May 15, 2024

KARACHI: The rupee was little changed in the interbank market on Tuesday as dollar demand from importers was offset by greenback sales from exporters.

The rupee closed at 278.18 against the US dollar, barely changed from its close at 278.20 in the previous session.Dealers stated that although there was a need for US currency from importers, dollar sales from exporters increased supply and kept the rupee stable against the dollar.

In the open market, the rupee was able to post just modest gains. The exchange rate was 279.50 to the dollar, up from 279.55 on Monday.Analysts said traders are monitoring the ongoing discussions with the International Monetary Fund for a fresh and larger loan programme for the future direction of the currency. The IMF and the government have initiated talks on a fresh bailout and the forthcoming budget's parameters.

Despite improvement in Pakistan's external account, the rupee depreciated by 22.2 percent during the first half of the current fiscal year over the same period last year, according to the State of Pakistan’s Economy Report for H1-FY24 released on Tuesday by the SBP.