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September 17, 2019

Rupee weakens

Business

September 17, 2019

The rupee ended slightly weaker on Monday, as rise in the international oil prices and uncertainty over the State Bank of Pakistan (SBP) monetary policy weighed on the currency, dealers said.

The rupee closed at 156.23 against the greenback, compared with the previous closing of 156.19 in the interbank market. In the open market, the local currency ended at 156.50 against the dollar, compared with 156.30 in the previous session.

Dealers said the surge in oil prices following an attack on Saudi Arabian oil facilities at the weekend affected investor sentiment in the market. “An increase in crude prices fueled worries of widening current account deficit and weakening of the exchange rate in the future,” a dealer said.

Brent crude futures, the international benchmark climbed as much as 19.5 percent to $71.95/barrel intraday. Brent crude futures, the international benchmark, rose as much as 19.5 percent to $71.95/barrel.

However, prices brought down after the United States President Donald Trump announced the use of the country’s emergency stockpiles to ensure stable supply. Investors were also cautious ahead of the September monetary policy announcement on Monday, which will fix the policy for the next two months. The SBP raised the policy rate by 100 basis points to 13.25 percent in last announcement in July.

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