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February 25, 2020

Rupee stays firm

Business

February 25, 2020

The rupee ended little changed on Monday due to lacklustre dollar demand from importers, dealers said. In the interbank market, the local currency closed at 154.21 against the dollar, compared with the previous closing of 154.20.

In the open market, the rupee also traded flat at 154.40 against the dollar. A dealer said the local currency remained stable, as import payments fell. “An increased supply of the dollar due to healthy foreign inflows was enough to meet the demand in the market and kept the rupee stable versus the greenback,” a forex dealer said.

Another dealer said the rupee is likely to stick to narrow ranges in the coming sessions in the absence of major import payments and due to improved sentiment; following drop in the international oil prices.

Traders expect the trade deficit to further shrink amid decline in oil prices. Brent crude was down 4 percent at 56.16/barrel driven by fear from the coronavirus outbreak. Trade gap fell 28 percent to $13.841 billion in the seven months of the current fiscal year.

However, traders expressed concerns over the International Monetary Fund’s review on Pakistan economy and broader impact of coronavirus. Pakistan sealed border with Iran after some people died of coronavirus.