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Weekly roundup: Rupee manages to reverse dollar blows

Weekly roundup: Rupee manages to reverse dollar blows

ISLAMABAD: The sentiments-driven rupee received blows on Monday on the back of what the market gurus called the political turmoil haunting the country’s feeble economy for more than two weeks in the name of Azadi and Inqilab marches led by Imran Khan and Tahirul Qadri. Followers of Khan and Tahirul Qadri have been massed outside Parliament since Aug 15 in a bid to force Prime Minister Nawaz Sharif to resign.

The US dollar rose 63 paisas to Rs 103.30 mark in the inter-bank market on Monday. Before Monday, the rupee stood at 102 to a dollar, but rose soon after trading began. Up until two months ago, the rupee had appreciated considerably, and was stable at 98.1/98.3 against the dollar, buoyed by remittances and $1.5 billion ‘gift’ from Saudi Arabia in the form of foreign exchange.

On Tuesday, the rupee staged a recovery, gaining 81 paisas against US dollar after the central bank advised bankers to end speculative buying. The local currency closed at Rs102.32 per dollar in the inter-bank market, while the open market observed dollar’s sale at Rs102.45.

On Wednesday, the rupee minimised losses against the dollar following the measures taken by the State Bank of Pakistan to bring the national currency at previous level. In fact, the rupee struggled hard to come out of bottom but the dollar, somehow managed to show its muscles on the back of rupee’s weakness.

The rupee maintained rise against the dollar picking up 20-paisa for buying at Rs 102.20 and it also rose by 15-paisa for selling at Rs 102.30 in inter-bank. In open market, the rupee, however, lost 40-paisa in relation to the dollar for buying and selling at Rs 101.70 and Rs 101.90 respectively.

On Thursday, the rupee could not maintain its upward journey against the dollar on the interbank market. The rupee dropped by 15-paisa against the dollar for buying at Rs 102.35 and it also lost 10-paisa for selling at Rs 102.40 in inter-bank market.

On Friday, the rupee managed to gain sharply against the dollar on the currency market. The rupee rose by 60-paisa against the dollar for buying and selling at Rs 101.75 and Rs 101.80 respectively.