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July 23, 2019

Rupee falls

Business

July 23, 2019

The rupee ended weaker in both currency markets on Monday because of increased dollar demand for import payments, dealers said.

The rupee closed at 160.53 to the dollar, compared with Friday’s close of 160.19 in the interbank market.

Similarly, the rupee fell in its value in the open market following its losses in the official market.

The rupee ended at 160.80/dollar, compared with 160.60 in the previous session.

“Domestic currency came under pressure due to dollar demand for corporate payments,” a forex dealer at a commercial bank said.

“We expect the currency to trade in the range of 160 and 161 against the dollar this week. The investors are waiting for the meeting between Prime Minister Imran Khan and the US President Donald Trump on Monday (today).”

The premier held a meeting with the leading American investors at Pakistan’s Embassy on Sunday to discuss trade and investment opportunities in the country.

The PM is on a three-day official visit to the US.

Analysts said a successful visit could have a far reaching impact on Pakistan’s economy that was passing through a crisis like situation triggered by falling foreign exchange reserves and low tax collection.

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