Steady trend was again witnessed on the currency market on Saturday amid the announcement by the State Bank of Pakistan (SBP) to keep the policy rate unchanged at 12 percent, dealers said.
As was expected, the central board of directors of the SBP has decided to keep the policy rate unchanged at 12 percent, this was stated by the SBP Governor Yaseen Anwar while unveiling the Monetary Policy statement at a press conference held at SBP head office.
At the week-end, the euro skidded after a Greek far-right party leader refused to back a bailout agreement raising fears once again that Greece could face a chaotic default on its debt. The pessimistic tone of the market starkly contrasted with the previous session in which optimism over a Greek deal lifted the euro to an eight-week high against the dollar.
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Open Buying Rs 90.65
Open Selling Rs.90.85
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According to the currency dealers, the dollar resumed trading at Friday closing of Rs.90.60 Rs.90.85 as its buying and selling rates, respectively. There was no visible change in the dollar's value during the day's trading. At the end of trading, the dollar's buying rate was marginally increased to Rs.90.65 while its selling rate remained unchanged at Rs.90.85, the dealers said.
However, the rupee maintained upward slide and was further appreciated against the pound sterling. The pound was purchased and sold at Rs.142.20 and Rs.143.00 as compared to day earlier closing of Rs.142.50 and Rs.143.50, respectively, they added.
The dollar opened at Rs 90 (buying) and Rs 90.20 (selling) against the same rate. It also did not observe any change in the second session and closed at Rs 90 (buying) and Rs 90.20 (selling). Pound Sterling opened at Rs 142 (buying) and Rs 142.50 (selling) against the same overnight value. It also did not observe further change in the evening session and closed at Rs 142 (buying) and Rs 142.50 (selling).