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April 25, 2019

Rupee remains firm

Business

April 25, 2019

The rupee remained firm against the dollar in the interbank foreign exchange market on Wednesday, dealers said. It closed at 141.39 against the greenback.

Dealers said the currency edged firmer due to soft dollar demand and the lack of positive triggers. The rupee seems to maintain the current levels this week, they said.

In the open market, the rupee strengthened helped by improved dollar supplies. The local currency rose 20 paisas to 140 against the dollar, compared with 142 in the previous session.

Investors were concerned about the overall uncertain economic situation prevailing in the country, as delay in the much-anticipated International Monetary Fund (IMF) programme and amnesty scheme dent investors’ sentiment.

However, the government is expected to discuss the details of the government’s first tax amnesty scheme with the IMF team, which will arrive in Islamabad later this month.

The Federal Board of Revenue is currently working out the details of the amnesty scheme. There are chances to launch the proposed scheme during the IMF programme.

The Financial Action Task Force is also set to make a fresh review of Pakistan’s current progress and compliance with the remaining targets next month.

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