Incoming inflows yet to trigger rupee turnaround.

KARACHI -- The dollar remained unchanged at Rs227.75 on Saturday in the open market, unmoved by Finance Minister Ishaq Dar's guarantee a day ago that the country had secured about $13 billion in additional financial support from two friendly countries, on top of assurances for about $20bn investments.

However, dealers in the open market hoped the rupee would gain strength once the inflows began to land in Pakistan.

'Though the dollar was steady, the market sentiment did change on Saturday,' said Malik Bostan, chairman of the Exchange Companies Association of Pakistan (ECAP). 'Buyers disappeared from the open market anticipating a fall in dollar's rate in the coming days.'

On Friday, Mr Dar told journalists that during Prime Minister Shehbaz Sharif's recent visit to Beijing, the Chinese leadership promised to roll over $4bn in sovereign loans, refinance $3.3bn commercial bank loans and increase currency swap by about $1.45bn - from 30bn yuan to 40bn yuan. The total worked out at $8.75bn.

Dollar steady in open market as news of $13bn coming in from China, S. Arabia fails to make immediate impact

Besides, Saudi Arabia had also 'given a positive response' to Pakistan's request for increasing its financing by another $3bn to $6bn and doubling its deferred oil facility of $1.2bn, he said. The two heads worked out at $4.2bn and the finance minister said there was no delay except a month or so of processing time.

Meanwhile, the State Bank has promised to consider ECAP's request to let exchange firms use up to 20 per cent of remittances to sate the...