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October 23, 2019

Rupee gains slightly

Business

October 23, 2019

The rupee gained slightly against the dollar on Tuesday, amid sluggish dollar demand from importers, dealers said. In the interbank market, the rupee closed at 155.87 against the greenback, compared with Monday’s closing of 155.90.

The rupee also maintained its upward trend in the kerb market. It gained five paisas to end at 155.95 to the dollar. Dealers said the rupee gained grounds due to weak importer dollar demand and positive sentiment.

The assurance provided by the International Monetary Fund and the World Bank of their continued support to Pakistan’s economy helped improve investors' sentiment, dealers said.

Furthermore, the local currency was supported by a fewer import payments, they added. Pakistan made progress on six reforms of the 10 indicators evaluating the performance in the ranking of the World Bank’s Ease of Doing Business Report 2020 among total 190 countries of the world.

The World Bank declared Pakistan among top 20 reformers, as Islamabad clinched top position among South East Asian economies, including India that made improvements on four reforms and Bangladesh three.

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