KARACHI: The Pakistani rupee closed nearly flat against the dollar in the interbank market on Monday.The rupee closed at 279.55 per dollar, almost unchanged from its close at 279.56 in the previous session.
In the open market, the local currency remained flat. It ended at 280.62 against the dollar, maintaining the same level as in the previous session.Dealers said that the rupee remained stable as exporters’ dollar sales and remittances from overseas Pakistani workers surpassed importers’ demand. Furthermore, geopolitical developments and updates from the International Monetary Fund’s loan review will continue to influence the overall direction of the financial markets in the coming sessions.
The IMF review mission is scheduled to visit Pakistan from February 25 to March 11 to assess performance under the $7 billion Extended Fund Facility and $1.4 billion Resilience and Sustainability Facility.
“Ongoing negotiations between the United States and Iran remained the key sentiment driver last week, keeping investors cautious amid persistent foreign selling,” said Chase Securities in a note.
“Talks scheduled in Geneva this week are being closely watched, with reports suggesting that both sides are keen to avoid escalation toward a broader conflict,” it said. “Encouraging diplomatic signals have already led to a pullback in international oil prices.”
