- Currency dealers expect rupee to gain further over the next week
ISLAMABAD, December 8: The rupee gained against the dollar in the inter-bank and open market in the outgoing week largely due to strong foreign inflows, while positive macroeconomic indicators also helped in the currency’s appreciation, reported The News on Sunday.
The rupee closed at 155.28 against the greenback on Monday and closed at 155.06 on Friday. In the open market, the rupee gained 25 paisas to close at 155.10 against the dollar. Currency dealers expect the rupee to gain further over the next week. “We saw increased inflows in the last few days. A positive economic outlook followed by lower current account deficit and stable foreign exchange reserves added to the rupee strength,” a currency dealer said. “We expect the rupee to appreciate further in the coming days and the next level is 154.50,” he added. The increased inflows increased the supply of the greenback in the market, adding gains to the local unit. The outgoing week saw positive developments on the economic front, with Moody’s upgrading Pakistan’s outlook from negative to stable along with improving rating of five key banks. “The change in the outlook to stable is driven by expectations that the balance of payments dynamics will continue to improve, supported by policy adjustments and currency flexibility,” Moody’s said. – Agencies
