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Rupee gains

Business

July 1, 2020

KARACHI: The rupee ended stronger on Tuesday, as dollar disbursements from China bolstered the local currency, traders said.

It closed at 168.05 to the dollar, down from an all-time low close of 168.18 in the interbank foreign exchange market on Monday.

“The government has received $1.3 billion inflows from the Chinese banks. These inflows have offered support to the rupee on the last trading day of the outgoing fiscal year,” a currency trader said. Domestic unit came under pressure at the start of the trading day, as companies continued buying dollars for their month end payments.

“However, the news of checking in the Chinese money lifted sentiment, increasing supply of foreign currency in the market,” according to traders.

The outlook for the balance of payments has improved due to the foreign inflows of $3 billion received from the multilateral lenders since last week.

The rupee also gained 20 paisa to end at 168.20 against greenback in the open market. In the interbank market, the rupee fell by Rs7.99 to the dollar in the entire course of fiscal year 2019/20.