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Weekly review: Rupee extends upward trend against dollar

Weekly review: Rupee extends upward trend against dollar

KARACHI: The rupee strengthened further against the dollar during the outgoing week.

According to a weekly report, the rupee appreciated 17 paisas to end at 155.06 against the greenback, when compared with last week’s closing of 155.23 in the inter-bank market.

In the open market, the rupee gained 50 paisas to finish at 155.60 against last week’s closing of 155.60 against the dollar.

Sluggish demand for the dollar from importers and smooth supply of the greenback are among the factors that are believed to have led to the rupee appreciation.

Earlier, on Dec 6, the Asian Development Bank (ADB) today approved $1 billion in immediate budget support to Pakistan to shore up the country’s public finances and help strengthen a slowing economy.

The quick dispersing Special Policy-Based Loan is part of a comprehensive multi-donor economic reform program led by the International Monetary Fund (IMF) to stabilize Pakistan’s economy after a major deterioration in its fiscal and financial position in mid-2018 caused growth to slump and threatened progress in alleviating poverty.