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October 15, 2019

Rupee stays flat

Business

October 15, 2019

The rupee ended almost flat against the dollar in the interbank market on Monday, as investors stayed on the sidelines awaiting clarity on whether Pakistan

would exit from the Financial Action Task Force (FATF) grey list or not, dealers said.

The rupee closed at 156.07 per dollar, compared with the previous close of 156.06. The currency, however, gained 10 paisas to end at 156.20 to the dollar in the open market. It had finished at 156.30 against the dollar on Friday.

Dealers said the rupee traded in narrow ranges due to routine dollar demand from importers. “Activity remained dull in the currency market amid limited dollar buying from importers to cover payments,” said a forex dealer at a large commercial bank.

There was concern about the FATF review meetings, which would decide the faith of Pakistan regarding its compliance with anti-money laundering and terrorist-funding regulations.

The Pakistani delegation is in Paris to present the compliance report before the FATF, explaining the measures taken by the government to curb terror financing as per the FATF guidelines. The meetings started on October 13 and will end on October 16.

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