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January 29, 2020

Rupee unchanged

Business

January 29, 2020

The rupee ended unchanged against the dollar on Tuesday, amid lower demand for import payments, dealers said. The local currency ended at Rs154.57 against the greenback, the same previous day’s level, in the interbank foreign exchange market.

Dealers said due to lower international oil prices and coronavirus threats to Chinese imports, importers were reluctant to buy dollars. The positive sentiments prevailed in the market due to lower current account deficit and increase in foreign exchange reserves of the country, they added.

According to the State Bank of Pakistan, $2.571 billion was invested by the foreign participants in Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs) during July 1, 2019 to January 23, 2020.

The dealers said investment into the debt securities had also helped the rupee maintain the current levels. The interbank foreign exchange market initiated the day in the range of Rs154.58 and Rs154.60.

The market recorded the day’s high of Rs154.59 and the low of Rs154.54. The exchange rate in the open market; however, registered appreciation. The buying and selling of the dollar was recorded at Rs154.50/Rs154.80 from the previous day’s closing of Rs154.60/Rs154.90 in the cash ready market. The forex reserves held by the SBP rose to $11.586 billion as of January 10 from $11.503 a week ago.