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September 24, 2020

Rupee ends flat

Business

September 24, 2020

KARACHI: The rupee held steady against the dollar on Wednesday amid routine dollar demand from importers, dealers said

In the interbank market, the rupee closed at 166.22/dollar, the same rate recorded on Tuesday. The rupee gained 15 paisas to close at 166.30 versus the greenback in the open market.

Dealers said the appetite for the US dollar remained subdued among importers during the session.

“The rupee is expected to remain stable but imports and debt payments will be a driver for direction in the coming days,” said a foreign exchange dealer at a leading commercial bank.

The country has to pay debt repayments of around $90 million to the International Monetary Fund against its extended fund facility next week, the dealer added.

“The outflows in the shape of debt repayments could put pressure on the exchange rate in case the inflows don’t match.”