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Restart of talks helps rupee to firm value

LAHORE: With the ‘apparent’ signs of improvement in the prevailing political scenario, Pak Rupee managed to sustain its value against US Dollar and other international currencies in currency market.
Though no extra ordinary market demand for the US dollar was seen, its rates remained stable. Market players said that emergence of new political situation with restart of dialogue process between government, Pakistan Tehrik-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) lowered increasing pressure on local currency and the US dollar buying spree, which was witnessed at beginning of the week, died down to some extent.
Currency experts forecast that if the prevailing political impasses remains and the stakeholders fail to make any headway, the market is bound to witness an extra ordinary US Dollar buying in the coming week.
According to currency dealers, the US dollar remained stable against rupee on Friday trading and its buying closed at Rs101.00 and selling at Rs101.25 with no change in its previous rates.
Pound Sterling gained 0.50 paisa against rupee in the open currency market. The British pound was purchased at Rs166.75 and was sold at Rs167.00 as compared to previous closing of Rs166.25 and Rs166.75.
Euro picked up 35 paisa versus rupee for buying and selling at Rs133.35 and Rs133.60.
Australian dollar also gained against rupee and was up by 60 paisa. Its buying closed at Rs93.65 and selling at Rs93.90. Saudi Riyal was stable against rupee in the open market on Friday. Its buying closed at Rs26.75 and selling at Rs27.00 with no change in its Thursday level of last session.
Kuwaiti Dinar recovered against rupee and closed at Rs354.50, gaining 1.25 paisa against Rs353.25 level of last session. UAE Dirham shed 0.5 paisa against rupee. It’s buying closed at Rs27.30 and selling at Rs27.55.

British pound buying Customs Today Euro extra ordinary market demand international currencies Kuwaiti Dinar Lahore Region news open currency market paisa Pak rupee Pakistan Awami Tehreek PAT Pakistan Tehrik-e-Insaf (PTI) political scenario Riyal selling trading UAE Dirham US dollar 2014-08-23
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