Karachi: Rupee remained stable against dollar appreciating marginally by 0.01 percent in inter-bank market. At close, rrupee settled at 287.13, gain of 0.02 paisa as per State Bank of Pakistan.

However, in open market, dollar was being traded in range of 308-310 level, multiple currency dealers confirmed as gap widened due to foreign currency shortage. Inter-bank market rates for dollar bid was Rs 287.15 and offer Rs 287.40 and in open-market buying and selling at 306 and 309 respectively.

In inter-bank market, marginal gain comes after rupee registered losses against dollar for fifth successive session to settle at 287.15 or 0.21 percent down.

Globally, held near two-month high on Wednesday on safe-harbour demand as negotiations over raising US debt ceiling dragged on with no imminent resolution in sight. Treasury Secretary Janet Yellen warned that federal government could no longer have enough money to pay all its bills as soon as June 1, raising risk of damaging default.

Investors largely shunned riskier investments as another round of talks between White House and Republicans to raise borrowing limit ended on Tuesday with no sign of progress. Dollar index which measures US currency against six key rivals was fetching 103.51 in early Asian hours, just under 103.65 two-month peak it touched overnight.

Published in The Daily National Courier, May, 25 2023

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