October 20, 2021

Rupee seen steady vs dollar next week

KARACHI: Rupee is expected to trade within existing range next week amid matching dollar demand and supply, while central bank’s monetary stance will also factor in, analysts said.

The rupee saw highly volatile moves this week, and hit an all-time low of 169.12 on Wednesday. The central bank’s dollar selling interventions helped arrest rupee’s plunge, allowing the local unit to recover. The verbal intervention by the central bank also stopped speculative trades. The rupee closed at 168.19 to the dollar on Friday.

“We see rupee stable in the days ahead, despite rising economic uncertainty. The match in the demand and supply of the greenback and decline in the real effective exchange rate (REER) could stabilise rupee,” a foreign exchange trader at a commercial bank said.

Analysts said the 169 per dollar level was not unprecedented, the speed at which it got there in spite…

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