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September 19, 2019

Rupee higher

Business

September 19, 2019

The rupee closed slightly stronger on Wednesday, amid lacklustre dollar demand from importers, dealers said.

In the interbank market, the rupee closed at 156.25 against the dollar, compared with Tuesday’s closing of 156.32.

Similarly, the rupee ended at 156.25 against the greenback. It finished at 156.40 in the previous session.

Dealers said the currency posted gains due to soft demand for foreign exchange and exporters’ dollar conversions.

Investors were concerned about the persistent decline in the foreign direct investment.

Data issued by the State Bank of Pakistan showed foreign direct investment in Pakistan slipped 58.4 percent to $156.7 million during the first two months (July-August) of the current fiscal year.

The report on the disruption in oil supply also gave negative signal to the investors. Around three million barrels per day of Saudi oil will remain offline for a month, about half the production halted by the weekend’s devastating attacks on key crude facilities, according to a report issued by S&P Platts.

The Saudi cabinet chaired by King Salman warned on Tuesday the unprecedented attacks posed a threat to global energy supply, the report said.

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