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September 17, 2020

Rupee weakens further

Business

September 17, 2020

KARACHI: The rupee fell further against the dollar on Wednesday due to persistent demand for the greenback from importers, dealers said.

In the interbank market, the rupee closed at 166.34 against the dollar, compared with the Tuesday’s closing of 166.26.

The rupee ended at 166.50, slightly weaker from the previous day’s closing of 166.40 in the open market.

Dealers said the local currency continued losing grounds against the greenback due to import payments due to rebound in the business activities.

The rupee is likely to trade around the current levels in the coming days, dealers said.

The State Bank of Pakistan is scheduled to announce the monetary policy for the next two months on Monday.

Markets and analysts expect the central bank to maintain a status quo in the September monetary policy.

Topline Securities conducted a poll on upcoming monetary policy meeting from top notch financial market participants.

According to the key results from the poll, out of 87 responses received, 72 percent (or 63 respondents) are of the view that rate will remain unchanged, while 20 percent (or 18 respondents) voted for rate cut between 25-100 basis points (bps). Remaining seven percent voted for rate hike 25-100bps.