KARACHI – Pakistani Rupee rises against US dollar in the open market.
The Pakistani rupee gained strength by 20 paisa against the U.S. dollar inthe open market, and hit Rs154.90 in the early trading hours on Wednesday.
On the other hand, the local currency remained stable in the interbankmarket against the greenback with trading at Rs154.83, according to updatesavailable with the media.
The imminent signing of the Phase One trade deal between the U.S. and Chinalater this week has further supported market sentiment to head the tradingin a particular direction.
Easing fears of conflict in the Middle East, despite ongoing tensionsbetween the U.S. and Iran, have also supported investors’ sentiments, buthardly contributed to the emerging market currency movement.
Read Top Stories
The apparent change in the rate between the dollar and the rupee has beendue to the falling demand for the greenback owing to the decline inimports, whereas the increase in dollar from lending agencies and foreigninvestment in the government papers helped stabilise rupee-dollar parity.
Currency dealers foresee rupee to rise further in coming months in the wakeof higher inflows of dollars and increased attraction of local currency.
