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Monday, July 17, 2017

Rupee Report: Rupee In Search Of Direction


The Rupee appears to have sought direction for the dollar last week due to political uncertainty in the local currency market.

The strict supervision of the State Bank of Pakistan (SBP) helped stabilize the rupee somewhat, but the same figures continued to appear. Rupees plunged Rs3.50 against the dollar a week ago.

Analysts believe that the artificial support for Rupee has adversely affected Pakistan's exports and that the market needs more flexibility in exchange. The call situation is confusing. The International Monetary Fund (IMF) once again clarified the position that Rupee is overvalued by 10-20% and that corrective action is necessary.

Analysts believe that artificial support for Rs has had a negative impact on Pakistan's exports.

In the interbank market, the dollar continued to trade at a slightly higher price than last week's Rs. However, the SBP was able to stabilize the Rs by rigorously monitoring and strengthening some rules on foreign exchange management to check the outflows.

On the open market, Rupee did not show any change on Monday and Tuesday, and traded on Rs106.20 and Rs106.40 on weekdays.

On Wednesday, SBP's new guidelines prompted a bullish run on Rupee.

Rupee abandoned Rupee and lost 40 paisa to the sales counter and 50 paisa to the sales counter, due to the firm demand for dollars from the general public. As a result, the dollar traded at Rs106.60 and Rs106.90.

The rupee recovered partly on Thursday. It picked up a $ 10 paisa and pushed a rather low dollar at Rs106.50 and Rs106.80 due to the low demand of the dollar.

On Friday, the rupee turned against the dollar due to demand pressure to lose 20 paisa. Thus, the dollar closed its weekly high against the rupee at Rs106.70 and Rs107.00.

During that week, the dollar recorded a 50 paisa gain on the sell window, and a 60 paisa gain on the sell window at the open market.

The rupee against the euro showed a large fluctuation last week. Starting with the note on the company note, Rupee saw his hands turn to Rs120.25 and Rs121.25 in the first trading session. Closing at Rs120.25 and Rs121.30 because there was no change in the purchase counter while posting 5paisa gain on the sales counter.

However, Rupee failed to maintain solidity overnight to trade Rs120.40 and Rs121.40 in the second trade and poured 15 paisa into both counters.

On a weekly weekly basis, the euro gained 65 pais for the Rs and a profit of 60 pais for the sell counters, trading between the highest of Rs121.25 / Rs122.25 and the lowest of Rs120.25 / Rs121 .25 during change.

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