Pakistani Rupee rises against US dollar in the open market

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Pakistani Rupee rises against US dollar in the open market

KARACHI – Pakistani Rupee rises against US dollar in the open market.

The Pakistani rupee gained strength by 20 paisa against the U.S. dollar in the open market, and hit Rs154.90 in the early trading hours on Wednesday.

On the other hand, the local currency remained stable in the interbank market against the greenback with trading at Rs154.83, according to updates available with the media.

The imminent signing of the Phase One trade deal between the U.S. and China later this week has further supported market sentiment to head the trading in a particular direction.

Easing fears of conflict in the Middle East, despite ongoing tensions between the U.S. and Iran, have also supported investors’ sentiments, but hardly contributed to the emerging market currency movement.

The apparent change in the rate between the dollar and the rupee has been due to the falling demand for the greenback owing to the decline in imports, whereas the increase in dollar from lending agencies and foreign investment in the government papers helped stabilise rupee-dollar parity.

Currency dealers foresee rupee to rise further in coming months in the wake of higher inflows of dollars and increased attraction of local currency.

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