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November 29, 2019

Rupee stable

Business

November 29, 2019

The rupee ended flat against the dollar in the interbank market on Wednesday, dealers said.

The local currency closed at 155.32 against the greenback, unchanged from the previous close.

The rupee; however, weakened versus the dollar in the open market due to renewed demand for foreign exchange. It lost 10 paisas to close at 155.70 to the dollar.

Dealers said the currency was range-bound due to fewer import payments and improved supply of the greenback. “The rupee is expected to continue a range-bound trading pattern, amid the lack of import payments pressure,” a dealer said.

The rupee has been stable helped by increase in the State Bank of Pakistan’s foreign exchange reserves. The SBP’s reserves have been supported by higher portfolio inflows in government securities and surplus in the current account balance.

Pakistan’s foreign exchange reserves increased to $15.577 billion in the week ended November 22 from $15.462 billion a week ago. The forex reserves held by the State Bank of Pakistan rose $240 million to $8.682 billion due to official inflows, the SBP said.