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August 17, 2019

Rupee weakens

Business

August 17, 2019

The rupee ended weaker on Friday due to dollar demand from importers, dealers said. The rupee closed at 158.95 against the greenback, a 0.32 percent, or 51 paisas, lower than the previous closing of 158.44.

However, the rupee posted nominal gains against the dollar to close at 159.40 in the open market, compared with last Friday’s closing of 159.50. Dealers said the currency lose ground, as inflows were not sufficient to meet the importers’ demand.

“The absence of remittance inflows after Eid weighed on the rupee,” a forex dealer said. “Importers bought greenback, as the foreign exchange market reopened after the long Eid holidays,” he added.

Financial markets were closed from August 12 to 15 for public holidays in lieu of Eid-ul-Azha and Independence Day. Many dealers expect the rupee to continue to face downward pressure next week in anticipation of the significant demand for foreign exchange from the corporate sector and importers.

However, the local unit has not been impacted so far by the escalating tensions between Pakistan and India. The rupee is likely to trade in between 159.20 to 159.25 in the coming sessions, they said.

Rating agency Moody's, in its latest report, said a sustained military conflict between Pakistan and India would slowdown growth through a prolonged hit to consumer and business confidence, as well as foreign direct investment.

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