Rupee records marginal gain against dollar

KARACHI: The dollar lost slightly against the Pakistani rupee in interbank on Monday, the State Bank of Pakistan (SBP) reported.

The dollar settled at Rs278.42 at day end; it had closed at Rs278.5 in the previous session. Throughout the day, the currency saw an intraday high of 278.6 and a low of 278.45.In the open market, exchange companies quoted the dollar at 279 for buying and 280 for selling.

Stability in the dollar-rupee parity is expected for a longer term dollar demand for the imports has not shown any unusual surge in the last many days whereas the country’s foreign exchange reserves also recorded some growth during last week.

The local currency has largely been around 277-279 against the dollar after some improvement in economic indicators. The current account deficit registered a decline whereas foreign investment and remittances showed some improvements in July.The local market is also waiting for approval from the International Monetary Fund’s (IMF) executive board over a new $7-billion Extended Fund Facility in the next month of fiscal.