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October 9, 2019

Rupee slightly weaker

Business

October 9, 2019

The rupee inched down against the dollar in the interbank market on Tuesday, dealers said. It closed at 156.45 against the greenback, compared with Monday’s closing of 156.41.

Dealers said the currency started the trade on a negative note because of increased dollar demand for import payments. It was trading at 156.50 in an opening trade. However, the rupee managed to recover some losses due to improvement in supply of the greenback.

In the open market, the local currency gained 20 paisas against the dollar. The rupee ended at 156.60/dollar, compared with 156.80 in the previous session. Positive momentum was seen across-the-board, amid possibility of Pakistan to maintain its grey status in the upcoming Financial Action Task Force (FATF) meeting.

Moreover, Prime Minister Imran Khan’s visit to China also lifted investors' sentiment. Khan arrived in Beijing on Tuesday and is expected to discuss regional and bilateral issues with its strategic partner during his meeting with the Chinese counterpart.

Speaking at the China Council for Promotion of International Trade, the premier said its office is driving opportunities for people to invest in Pakistan. The government has also formed a CPEC authority to ensure the time completion of the CPEC projects.

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