Rupee gains

KARACHI: The rupee gained further on Friday due to dollar inflows from remittances and greenback sales by exporters, dealers said.

In the interbank market, the rupee closed at 166.79 to the dollar, 39 paisa higher from Thursday's close of 167.18 per dollar. In the open market, the domestic currency ended 167.75 against the dollar. It had finished at 167.80 in the previous session. Dealers said the local unit continued to gain strength amid workers' remittances ahead of holy month of Ramazan and some export conversions.

“The rupee will likely appreciate further in days ahead due to expected inflows from multilateral institutions,” a currency dealer. Potential inflows could increase supply of dollar in the market and provide cushion to the currency, and foreign exchange reserves.