KARACHI: The rupee remained unchanged against the dollar at 105.35/105.55 in the inter-bank market compared to yesterday’s close of 105.35/105.55.
The currency market has fluctuated regularly in recent months with hefty rises and falls on some occasions. In the long run, however, the rupee has stood firm after experiencing extensive volatility, when it weakened from around Rs98 to a dollar to above Rs103 in the wake of political impasse over alleged election rigging.
The central bank has imposed 100% cash margin on the import of certain consumer goods to restrict the demand for US dollars. The rupee has been one of the best performing currencies in Asia for over three years despite the dollar’s sharp appreciation against other currencies.
However, the International Monetary Fund has repeatedly said that Pakistan’s rupee is overvalued by 5-20%. According to analysts, the artificial support for the rupee has adversely affected Pakistan’s exports.
Samsung shares touched a fresh high of 2.74 million won soon after the market opened on Friday, on hopes for record 2017 earnings driven by soaring demand for memory chips with ever greater storage capacity.
“Memory chips have entered a brave new world. The rate of supply increase has slowed drastically, while demand has exceeded expectations, rapidly lifting prices,” said Kim Woon-ho, analyst at IBK Investment & Securities.
“Although the share price has recently seen steep jumps, it still doesn’t reflect all the forecast profit increases.”
Brisk sales of the latest Galaxy Note 8 smartphone, launched in mid-September, lifted mobile profit as Samsung recovered from last year’s costly withdrawal of the fire-prone Note 7 device, analysts said.
Samsung is also expected to announce a new shareholder return policy for the next three years as soon as the end of October, when it releases third-quarter results.