Rupee strengthens

KARACHI: The rupee continued gaining momentum against the dollar in the interbank currency market on Wednesday, as muted dollar demand from importers along with an upbeat data on the current account balance helped lift sentiment.

The rupee closed at 162.13 against the dollar after gaining 15 paisas, compared with the previous closing of 162.28. The rupee; however, ended slightly weaker at 162.60 against the dollar in the open market, as it finished at 162.55.

Traders said the local currency posted more gains due to sluggish imports and healthy inflows. Exports selling by exporters and higher growth in remittances are also helping the domestic currency to gain in the recent days.

“There were routine payments and supply of the greenback was higher than the demand,” a forex trader with a commercial bank said.

“The rupee also sustained gains after the current account showed a surplus in the first quarter of this fiscal year. It’s a positive trigger for the rupee,” a trader said.