Rupee gains

KARACHI: The rupee ended higher on Wednesday, as dollar conversions by exporters surpassed importers’ demand for the greenback, dealers said.

In the interbank market, the local currency closed at 166.76 against the dollar, down from the previous closing of 166.95.

The rupee gained five paisas to close at 167.05 against the greenback in the open market. It had settled at 166.10 on Tuesday.

“There were some import payments, but later dollar selling by exporters helped the local unit gain value against the greenback,” a foreign exchange dealer at a mid-tier commercial bank said.

“It’s likely that the rupee will continue to make slight gains, hovering at 166.25-166.50 to the dollar in the remaining two sessions.”

A fewer import payments, healthy supplies and strong foreign exchange reserves position may support the currency in the coming days, another dealer said.

“There are no major import and debt repayments due this week,” the dealer added.

Pakistan’s foreign exchange reserves rose to $17.971 billion from $16.730 billion during the week ended June 26.

Moreover, forex reserves held by the State Bank of Pakistan increased to $11.231 billion from $9.961 billion.