Since textile exporters are fully booked for the next three months, high export earnings should keep country’s forex reserves at higher levels and support rupee. A surge in supply of foreign currency compared to its demand supported the partial recovery of the rupee. “The rupee may move in a narrow band of Rs158-161 to a dollar till Pakistan and the world overcome the second wave of Covid-19,” he said. “Now, the spell of panic buying is over and the rupee is expected to return to Rs157-158,” he said. Earlier, the market expected the rupee to rally to Rs155 a dollar, but panic buying disrupted the uptrend.

Source: The Express Tribune November 25, 2020 03:22 UTC