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September 22, 2019

Rupee may gain

Business

September 22, 2019

The rupee strengthened against the dollar during the outgoing week supported by soft dollar demand from importers.

The rupee gained 16 paisas versus the greenback in the interbank market during the week under review.

The local currency saw some volatility on the first day of the week due to the attack on Saudi oil facilities, but since then it continued strengthening.

“It touched 156 twice without breaching it and analysts were of the view that the central bank bought dollars to keep it from tipping in to the 155 range,” a report published by Tresmark, an application that tracks financial markets, said.

The week was a bag of mixed news. The current account deficit went down sharply by 55 percent to $1.292 billion in the first two months of the current fiscal year.

The central bank’s foreign exchange reserves also increased $138 million $8.60 billion, while large scale manufacturing fall.

Foreign direct investment into Pakistan fell 58.4 percent in the first two months of the current fiscal year to $156.7 million.

The session with the International Monetary Fund concluded on a high note, but the Fund also focused on critical reforms and tax income.

The currency commenced the week by trading at 156.23 per dollar. It had settled at 156.19 in previous session.

On Tuesday, the rupee extended falls and closed at 156.32 to the dollar.

However, the rupee managed to post seven paisas gains to end at 156.25 in the third session.

The local unit closed almost flat at 156.23 per dollar on Thursday.

The currency concluded the week on a positive note and showed moderate gains due to dollar selling by exporters. The rupee closed at 156.07 against the greenback.

In the open market, the rupee traded in the band of 156.50 and 156.30 per dollar this week.

Dealers said the local unit gained value against the greenback due to dull dollar demand from importers.

Moreover, Prime Minister Imran Khan’s visit to Saudi Arabia gave positive signal to investors.

Khan in a meeting with Saudi King Salman bin Abdul Aziz expressed the country’s resolve to stand with the Kingdom. The two leaders also discussed matters of mutual interests, including trade, investment and economic relations.

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