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October 18, 2019

Rupee gain 13 paisas

Business

October 18, 2019

The rupee gained 13 paisas against dollar on Thursday owing to efforts of the government to stop dollar flight, dealers said.

The rupee ended at Rs155.88 to the dollar from previous day’s closing of Rs156.01 in interbank foreign exchange market. Dealers said the market had welcomed steps taken by the State Bank of Pakistan (SBP) to stop trade based money laundering and terror financing. The SBP on October 15, 2019 issued framework against money laundering and terror financing through trade related transactions.

The dealers said on the other hand the tax authorities had launched drive against hoarding of dollars. In this connection, a day earlier the Federal Board of Revenue (FBR) issued notices to foreign exchange companies to provide information of those persons who purchased dollars during recent past. The government believed that many persons had purchased dollars but kept the foreign currency on hope of further depreciation of the local currency.

Dealers said the new investment pledges were also behind the improved sentiments in the currency market. The currency dealers said rupee also appreciated on the observation of IMF regarding Pakistan’s economy, especially after implementation of its loan programme. The exchange rate in open market remained unchanged. The buying and selling of dollar was recorded at Rs155.70/Rs156.20, the same as the previous day’s level, in cash ready market.

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