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March 15, 2019

Rupee weakens

Business

March 15, 2019

The rupee fell 0.26 percent to 139.18 against the dollar in the interbank market on Thursday due to increased dollar demand from importers, traders said.

The rupee also reversed its firmer position in the open market, tracking decline in the exchange rate in the official market.

The rupee closed at 139.40 against the greenback in the kerb market, compared with the previous closing of 139.

A continued importer dollar demand and negative sentiments weighed on the currency, the traders said.

The currency has also been hurt by the statement passed by Finance Minister Asad Umar that Pakistan has not been able to get $3.2 billion oil on deferred payment facility from the United Arab Emirates.

However, at the same time, the minister said the government has made alternative arrangements to meet its external financing needs for the current fiscal year.

“This news pushed dollar buying up, as investors feared that the foreign exchange reserves could be under pressure,” a forex dealer at a major bank said.

“The mood in the currency market turned negative, creating volatility in the exchange rate,” he added.

The country’s foreign exchange reserves rose to $14.965 billion as of March 8 from $14.956 billion in the previous week, the central bank said.

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