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October 21, 2020

Rupee extends gains

Business

October 21, 2020

KARACHI: The rupee closed higher for the fourth straight session on Tuesday, helped by dollar selling by exporters and soft dollar demand from importers, dealers said.

In the interbank market, the rupee closed at 162.28/dollar, compared with the Monday’s closing of 162.38. In the open market, the local currency gained 15 paisas to end at 162.55 against the greenback. “The rupee continued to post gains due to increased dollar inflows and easing demand from importers,” a currency dealer said.

Another dealer said the rising rupee had also compelled the exporters to sell greenback in the interbank market, further improving supplies of the dollars. Exporters are selling dollars who fear losses, if the rupee strengthens further.

Dollar supplies are presently more than the demand and the market is expecting more appreciation in the currency in the days ahead.