Rupee likely to appreciate

The rupee remained steady during the outgoing week, but it is likely to track some gains against the dollar next week, currency analyst said.
“The rupee looks to trade in the range of 101.70 and 101.75 in the interbank market,” an analyst said.
The rupee remained range-bound with minor fluctuations this week, as it traded between 101.77 and 101.79 per dollar in the interbank market. “An increase in the forex reserves and the successful completion of the seventh review of Pakistan’s economic performance under the IMF’s Extended Fund Facility programme by its executive board would put positive impacts on the local currency,” the analyst said.