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November 17, 2019

Rupee may stay firm

Business

November 17, 2019

The rupee posted slight gains against the dollar in both the currency markets during the outgoing week.

The local currency rose four paisas to 155.39 against the greenback in the interbank market, amid dull dollar demand from importers.

Dealers have shown expectation the rupee / dollar parity to remain range-bound over the next week.

“We see the rupee to trade in between 155.40 and 155.45 against the dollar and in the coming sessions due to improved market sentiment and increase in foreign exchange reserves,” a dealer said.

In the interbank market, the rupee commenced the week on a stable note by closing at 155.44 versus the dollar, compared with 155.47 in the previous session.

The currency ended flat against the greenback on Tuesday.

The rupee traded stronger at 155.40 against the dollar in the third session. It; however, lost one paisa to close at 155.41 on Thursday. The rupee concluded the week by trading at 155.39 per dollar.

In the open market, the local currency traded in the band of 155.40 and 155.50 versus the greenback during the outgoing week. The latest measures announced by the central bank regarding increase in the existing limits of export finance scheme up to Rs100 billion and allowing manufacturing sector for $10,000 advance payment against raw material imports lifted investors’ sentiment in the currency market.

State Bank of Pakistan Governor Dr Reza Baqir during a news conference early this week had said that the economy was moving in the right direction, amid stable foreign exchange and stock markets.

The State Bank of Pakistan’s foreign exchange reserves increased due to improvement in the market sentiment and falling forward book liabilities, he said.

Pakistan’s foreign exchange reserves slightly fell to $15.502 billion during the week ended November 8 from $15.517 billion a week ago.

The foreign exchange reserves held by the State Bank of Pakistan rose $40 million $8.397 billion during the week that ended on November 8, 2019.

However, the forex reserves of other commercial banks fell to $7.105 billion from $7.160 billion.

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