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November 22, 2019

Rupee inches up

Business

November 22, 2019

The rupee posted slight gains against the dollar in the interbank market on Thursday, dealers said. The local currency closed at 155.33/dollar, slightly higher from the previous closing of 155.36.

Dealers said there were some import payments, but improved supply of the greenback kept the rupee stable. The rupee is likely to strengthen in the short-term, a dealer said. It will probably appreciate, he added. “The fundamentals have improved and we see more foreign inflows in the months ahead.” In the open market, the local unit ended flat at 155.40 against the dollar.

Pakistan is expected to receive the second tranche of around $450 million from the IMF under its three-year loan programme after the completion of the first review on the economy next month. Pakistan and the International Monetary Fund mission on November 8 reached a staff-level agreement on policies and reforms needed to complete the first review under the extended fund facility.

Investors were awaiting the outcome of the monetary policy announcement due on Friday, in which analysts expect the State Bank of Pakistan to keep the policy rate unchanged, despite an improvement in the outlook for inflation in the months ahead. In the last monetary policy statement in September, the central bank left the policy rate steady at 13.25 percent.

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