Dollar falls to Rs157 as rupee gains 14 paisas

KARACHI: Pakistani rupee gained 14 paisas (+0.09 percent) against the US dollar in the interbank on Monday.
According to the State Bank of Pakistan, the US dollar was opened at Rs157.14 and closed at Rs157. The rupee has gained Rs2.08 against the greenback since February 19.
The rupee traded within a very narrow range of 12 paisa per USD showing an intraday high bid of 157.09 and an intraday low offer of 156.97. Within the open market, rupee was traded at 156.80/157.30 per dollar.
Currency dealers said that despite demand of the foreign currency during the day the rupee recovered. They said that the market witnessed sufficient supply of the foreign currency. They said that the sentiments remained positive due to improved inflows of export receipts and workers’ remittances during the first eight months of the current fiscal year.
Asad Rizvi, the former Country Treasurer of Chase Manhattan, expects the rupee will open on a firm note on Tuesday. Giving his rationale on Twitter he said, “Value tomorrow was trading at 156.88/90. Unless banks are selling late inflow of dollars or offloading excess funds in the second half. It is a clear hint that tomorrow rupee will open with a firm tone.”
Meanwhile, the foreign exchange reserves held by the country stand at $20.16 billion by week ended March 05, 2021, State Bank of Pakistan (SBP) said. The reserves held by the central bank stand at $13,016.10 million while reserves held by commercial banks stand at $7,141.80 million. – TLTP