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April 23, 2019

Rupee unchanged

Business

April 23, 2019

The rupee ended firmer against the dollar in the interbank market on Monday, traders said. “There were enough dollar inflows to cater to the market,” a forex trader said.

In the open market, the local currency lost 10 paisas against the greenback. It finished at 142.30 against the dollar, compared with 142.20 in the previous trading session on Friday. The IMF mission is scheduled to visit Islamabad next week to discuss the final details of the programme.

Pakistan is expected to sign up the International Monetary Fund (IMF) bailout package in an effort to stave off the balance of payments crisis and ease in rising twin deficits.Pakistan’s foreign exchange reserves dropped to $16.195 billion during the week ended April 12, compared with $17.228 billion in the previous week.

The foreign currency reserves held by the State Bank of Pakistan fell $1.028 billion to $9.243 billion due to payments on account of external debt servicing, including principal repayment of $1 billion against the Eurobond.

The current account deficit narrowed 29 percent to $9.588 billion during July-March 2018/19 from $13.589 billion a year ago, the State Bank of Pakistan reported last week.

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