Rupee continues to strengthen against dollar
KARACHI: During the intraday trade, Rupee continued to strengthen against the dollar and regained its pre-Covid value. The Rupee was trading at 154.15 after gaining 42 paisas compared to Friday.
As per the details, the month of Ramzan may contribute positively as heavy inflows may result in raising parity to Rs150 – 152. Furthermore, the floating of Eurobonds may also impact the rupee.
However, it is expected that with an increase in the Covid cases and lockdowns, the value may fall back to Rs156 – 157.
Numerous reasons are being attributed to the regain in rupee value. The inflows are greater than outflows, forwards being booked by exporters, inflows resumed from Financial intermediary funds (FIFs) because of the International Monetary Fund (IMF) agreement, and outflows reduced because of decreased foreign travel.
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