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February 15, 2020

Rupee gains

Business

February 15, 2020

The rupee gained on Friday, amid the lack of import payments and continuous healthy dollar inflows, dealers said. In the interbank market, the local currency closed at 154.16 against the dollar, up from Thursday’s closing of 154.38.

The local unit also traded stronger in the kerb dealings, tracking gains in the rupee in the interbank foreign exchange market. The rupee rose 20 paisas to 154.40 against the greenback.

“There were hardly any bigger payments in the market,” a currency dealer said, adding, “The demand for the greenback remained softened from importers due to slowdown in imports from China, amid coronavirus fears.”

Pakistan’s imports from China fell to $4.87 billion in the first six months of the current fiscal year from $5.06 billion during the same period last year, according to central bank figures.

Dealers said traders were waiting for the outcome of the discussions between government authorities and the International Monetary Fund’s staff mission. The IMF mission was still in the country to conduct the second review of $6 billion Extended Fund Facility programme.

The rupee has been supported by rising dollar inflows due to higher foreign investment in government securities and increased inflows of workers’ remittances. The central bank’s foreign exchange reserves were $12.430 billion during the week ended February 7, compared with $12.273 billion in the previous week.