Rupee ends up

The rupee extended gains for the second session on Friday, amid the lack of import payments in the market, dealers said. The local currency closed at 154.20/dollar, marginally higher from Thursday’s closing of 154.23 in the interbank market.

The rupee lost 10 paisas against the dollar in the open market. It ended at 154.40 versus the greenback, compared with the previous closing of 154.30. “There are no significant payments in the market. So, there is not much demand for the dollar, at present,” a foreign exchange dealer said.

Another dealer said positive sentiments were also helping strengthening the rupee. Sentiment was boosted by reports of Pakistan getting another four months to achieve full compliance with its 27-point action plan and to get removed from the Financial Action Task Force (FATF) grey list.

The FATF is expected to announce a final decision about Pakistan on Friday after the conclusion of meetings held from February 16 to 21 in Paris. Sentiment was also lifted after State Bank of Pakistan Governor Dr Reza Baqir presented a positive outlook for the economy.