Rupee Seen Trading in Narrow Range in December on IMF Loan Hopes and Import Backlogs
• Rupee expected to trade in narrow range in December, supported by hopes of IMF loan approval but weighed down by import backlogs and profit repatriation payments • Positive sentiment driving recent rupee gains against dollar, seen trading between 283-284 per dollar • IMF loan approval expected in January, which would boost reserves • Remittances from overseas Pakistanis fell 10% in first 5 months of fiscal year, but rose 4% in November • Majority believe State Bank of Pakistan will keep interest rates unchanged in upcoming monetary policy amid high inflation