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January 29, 2011

Rupee gains

National

January 29, 2011

KARACHI: The rupee gained further against the dollar on improved inflows of remittances and lower demand for import payments, dealers said on Friday.
The rupee gained six paisas to close at 85.74 to a dollar from the previous day’s close of 85.83 in the interbank currency market.
“The dollar demand was lower during the day as traders wait for further ease in the greenback value,” a dealer said.
The improved inflows of home remittances helped the rupee gain 29 paisas during the last four days, the dealer added.
The rupee hit a four-month low on January 24 to breach Rs86-mark against the dollar. However, consistent supply enabled the local currency to recover at the current level.
The interbank foreign currency market started the day in the range of Rs85.80 and Rs85.83. Most of the trades were seen at different levels as the dollar witnessed a high of Rs85.83 and a low of Rs85.72.
Currency experts said that the flow of foreign currency to continue as the country provided attracted rate of returns for individual to invest in government papers and deposit with other financial institutions.
The inflows of remittances and export receipts helped the country’s foreign exchange reserves to hit another record high of $17.3 billion.

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