The rupee fluctuated marginally against the dollar amid sluggish trading activity in the currency market, dealers said, warning that forex investors were alarmed at what is ahead in the immediate future.
In the interbank foreign exchange market, the rupee closed at 98.51, down two paisas against the US currency. Thursday’s closing was 98.49.Market dealers said that after a rise in the last sessions, the rupee traded in a “range bound” tone against the market as demand for the dollar remained lower.
The rupee is expected to trade flat in the coming session due to an absence of triggers, the dealers said.They said forex investors are alarmed at the situation where Pakistan’s foreign exchange reserves, which are adequate for less than even two months of import cover, remain on the decline.
The rupee showed mixed sentiments against the dollar in the open market on Friday. The rupee lost 15 paisas for buying and gained five paisas for selling, to trade at 99. 50 and 99.75 from 99.65, and 99.70 on the buying and selling counters, respectively.
