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January 24, 2020

Rupee weakens

Business

January 24, 2020

The rupee ended slightly weaker against the dollar in the interbank currency market on Thursday, dealers said. The local unit closed at 154.61 against the dollar, down from Wednesday’s closing of 154.52.

The rupee lost grounds because of increased dollar demand from importers and dealers said supplies were also not enough to cater to the market requirements.

In the open market, the rupee managed to gain 10 paisas against the greenback. It closed at 154.80 versus the dollar, compared with the previous closing of 154.90.

The currency is likely to remain stable at 154.50 and 154.60 against the dollar in the days ahead, amid positive market sentiment; following optimistic response from the Financial Action Task Force (FATF) regarding removal of Pakistan from the ‘grey list’.

“The FATF working group has expressed satisfaction over Pakistan’s progress.

So, there are increasing chances of getting out of the ‘grey list’ in the next meeting to be taken place on February 16,” a forex dealer said.

“This may bode well for the foreign currency reserves and the local unit,” he added. The foreign exchange reserves held by the State Bank of Pakistan rose to $11.586 billion as of January 10 from $11.503 a week ago.