Rupee rises 10 paisa versus US dollar
- By Web Desk -
- Jan 16, 2020
KARACHI: The Pakistani rupee appreciated by 10 paisa to settle at Rs155 against the US dollar in the open market on Thursday, ARY News reported.
According to currency dealers, the local currency settled for the day at Rs155 against the greenback as against yesterday’s closing of Rs155.10.
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Forex dealers attributed the appreciation of the rupee to increased dollar supplies and improved market sentiment.
Earlier, on Jan 14, Fitch rating agency had forecast that Pakistan’s general government debt (including guarantees and International Monetary Fund borrowing) will fall to about 80 percent by end of next fiscal year due to faster nominal GDP growth and fiscal consolidation.
“The government has taken steps to manage domestic debt rollover risks following the cessation of borrowing from the State Bank of Pakistan (SBP) under the Extended Fund Facility (EFF) of the IMF,” the New York based rating agency said.
It said in particular, the government had reprofiled its SBP debt stock into longer-tenor instruments and had sought to lengthen maturities by issuing longer-term domestic bonds.
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