Rupee firm

The rupee closed firmer at 110.57 against the dollar for the fourth straight session on Friday due to increased demand for foreign currency, traders said.

The local unit was trading at 110.57/58 in the interbank market. “There is a demand for the greenback in the market. Based on the present market conditions, the rupee could come under pressure,” a forex dealer said. “However, it seems the central bank has maintained the exchange rate at a new support level of 110.57.”

In the open market, the rupee continued to fall, as it weakened further to 112/112.30 for buying and selling. It cloInvestors are uneasy over the probable outcomes of the Financial Actions Task Force (FATF) meeting pertaining to the putting Pakistan’s name on a list of countries, which have failed to curb terrorist financing.