Pakistani Rupee rises against US dollar in the interbank market
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ISLAMABAD - The rupee increased against the dollar on the local currency market during the ended on Nov 23, 2019. The rupee gained six paisas against the dollar for buying and selling at Rs 155.28 and Rs 155.32 respectively, they said.
*In open market Rupee rise* by 10 paisas against the dollar for buying and selling at Rs 155.30. The rupee was almost unchanged in relation to the euro for buying and selling at Rs 171.00 and Rs 172.50.
Marketmen said that the rupee, somehow, managed to resist sharp fall versus the dollar during the week. They also said that the local currency may not fluctuate steeply in terms of the dollar in the coming days.
The feature of the week was that State Bank of Pakistan (SBP) held its main policy rate at 13.25% on Friday, taking a second consecutive pause from a series of previous hikes as data pointed to stabilising inflation rate.
The bank last lifted rates in July by 100 basis points, raising the interest rate to 13.25%, its ninth cut since the start of 2018, as it faced rising inflation, a substantial current account deficit and downward pressure on the rupee currency.
*INTER-BANK MARKET RATES: *On Monday, the rupee gained five paisas in relation to the dollar for buying and selling at Rs 155.34 and Rs 155.37. On Tuesday, the rupee showed slight changes in relation to the dollar for buying and selling at Rs 155.36 and Rs 155.38. On Wednesday, the rupee almost held the overnight levels in relation to the dollar for buying and selling at Rs 155.36 and Rs 155.38.
On Thursday, the rupee rose by two paisas in relation to the dollar for buying and selling at Rs 155.34 and Rs 155.36. On Friday, the rupee gained four paisas against the dollar for buying and selling at Rs 155.28 and Rs 155.32 respectively, they said.
Rupee depreciated by 10 paisas against the dollar for buying and selling at Rs 155.30 and Rs 155.60, they said. The rupee did not move any side in relation to the euro for buying and selling at Rs 171.00 and Rs 172.50, they said.
