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Business

December 6, 2017

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Rupee weakens

The rupee edged down on Tuesday, as importers bought dollars from banks to cover oil payments, dealers said. The rupee ended at 105.52 against the dollar as compared to Monday’s closing of 105.51 in the interbank currency market.
“The forex market has seen some outflows today, amid oil payments,” a dealer said. “The market is calm and stayed within recent trading ranges, but some corporate buying seen in the session added little pressure to the currency,” he added. “However, the currency is poised to post some gains due to realisation of the Eurobond and sukuk money this week.” In the open market, the rupee fell in its value due to uptick in the dollar demand. The price of the domestic unit was quoted at 107.40/60 for buying and selling against the dollar in the kerb market. “There was no extraordinary demand for the foreign currency. A range-bound trading is seen in open market,” an official of the Exchange Companies Association of Pakistan said. 

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