KARACHI: The rupee ended steady against the dollar in the interbank market on Wednesday.The rupee closed at 278.65 per dollar, nearly unchanged from Tuesday’s close of 278.66.
Dealers said the local currency unit remained flat as dollar sales from exporters and remittance inflows offset demand for the greenback from importers. They expect the rupee to remain stable in the coming sessions due to a smooth supply of dollars and positive sentiments after the central bank received $1.3 billion from the International Monetary Fund under two ongoing loan programmes.
However, market participants are closely monitoring international oil prices and regional geopolitical tensions to gauge the future course of the rupee.Tresmark, a financial information portal, said in a report last week that exporters have again turned active sellers in the forward market, where premiums remain elevated and increasingly negotiable. “The shift is important as it suggests the market is once again seeing value in forward selling rather than aggressively holding dollars for protection,” the report said.
