Rupee rises for third day on Saudi deposit rollover, low dollar demand

KARACHI: The rupee strengthened for a third consecutive session on Thursday, supported by a rollover of a $3 billion Saudi deposit and subdued dollar demand from importers.

The rupee closed at 285.17 per dollar, up 0.08 percent from Wednesday’s close of 285.39, according to the State Bank of Pakistan (SBP). In the open market, it gained 50 paisas to end at 286.50 per dollar, dealers said.

Dealers said the rupee was supported by the news of the Saudi deposit extension and the low importer demand for dollars "The rupee experienced slight improvements as the need for dollars to pay for imports decreased since the value of a currency is determined by the supply and demand of dollars in the market," a dealer said.

He anticipated that the rupee will be range-bound and trade at 285 per dollar in the coming sessions.