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October 13, 2019

Rupee may rise

Business

October 13, 2019

The rupee gained during the outgoing week due to slowdown in the demand for the dollars from importers and increased supplies.

The rupee started the week on a positive note in the interbank market. It gained 12 piasas to end at 156.41 against the greenback.

The local currency; however, erased gains it made in the previous session on Tuesday, amid a fresh uptick in the demand for the greenback. The rupee closed weaker at 156.45 against the dollar.

On Wednesday, the currency managed to gain 13 paisas to close at 156.32 versus the greenback.

The rupee extended gains on the fourth trading session and close at 156.17 supported by dollar selling by exporters.

Healthy supplies pushed the rupee higher at 156.06 against the dollar on Friday. In the open market, the rupee rose 50 paisas to 156.30 against the dollar during the week under review. Dealers said the rupee was expected to maintain a present trend over the next week.

“Positive movement has been observed in the last week in the rupee / dollar parity,” said Yaqoob Abubakar from Tresmark, an application that tracks financial markets.

“It is likely that the pair will maintain the momentum in the next week. But since FATF meeting is scheduled on next week and if Pakistan could not be successful in achieving at least three friendly supports to avoid grey list a pressure would be felt in currency market.”

Investors are closely monitoring the decision of the Financial Action Task Force (FATF) meeting which is due from October 12-15 in Paris.

Asia Pacific Group (APG) on money laundering released its mutual evaluation report , which stated that out of 40 recommendations given to Pakistan, the country has shown compliance to one factor ‘Financial Institutions Secrecy Law’ and has shown non-compliance in four areas.

However, Pakistan is partially compliant on 26 and largely compliant on 9 recommendations.

However, the government said the Securities and Exchange Commission of Pakistan has prepared a compliance report, which will be presented to the Financial Action Task Force authorities.

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