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December 13, 2019

Rupee stays flat

Business

December 13, 2019

The rupee remained flat against the dollar on Thursday due to insignificant dollar demand from importers, dealers said.

The local currency closed unchanged at 154.98 against the greenback in the interbank market. In the open market, the currency also ended steady at 154.70 versus the greenback. Dealers said the local unit was traded in a narrow band.

The rupee is likely to gain in the near-term buoyed by inflows of foreign investment and the expected tranche from the International Monetary Fund (IMF), they said. Pakistan is likely to receive 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 this month.

The Asian Development Bank (ADB) is also considering $2 billion loan in the next three years to help Pakistan overcome energy sector’s structural issues.

The currency posted gains since last month because of increased supply of the greenback, higher foreign exchange reserves and improved prospects of the economy.

The ADB, in a report published on Wednesday, said signs of economic stabilisation are emerging in the current fiscal year of 2019/20 in Pakistan. It kept its growth forecast for the country unchanged at 2.8 percent in FY20.