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March 22, 2020

Rupee under pressure

Business

March 22, 2020

KARACHI: The rupee may come under pressure in the upcoming week as foreign investors may continue to take profits from their investment in government securities, dealers said.

During the outgoing week, the rupee settled at Rs158.67 against the dollar on March 20 in the interbank foreign exchange market. The higher interest rate in Pakistan attracted the foreign investors towards debt securities. The foreign investment of $3.5 billion was seen in the secondary market during July 1, 2019 to February 28, 2020.

However, depressed conditions of the global stock market also compelled foreign investors take out their funds from the domestic debt market. An amount of $1.37 billion was taken out by the sale of treasury bills during the first 20 days of the current month.