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October 23, 2020

Rupee gains

Business

October 23, 2020

KARACHI: The rupee rose further, breaking 162 level against the dollar on Thursday, as positive economic indicators and better inflows lent support to the domestic currency, dealers said.

In the interbank market, the rupee closed at 161.82 against the dollar, compared with the Thursday’s closing of 162.13. It gained 30 paisas during the session and appreciated 67 paisas against the greenback so far this week.

Dealer said the improvement in the current account balance and expectations of increase in exports along with strong dollar inflows contributed to the rise in the rupee’s value for the last week.

The rupee also strengthened in the open market. It ended at 162.30 versus the greenback, compared with 162.60 in the previous session.

“We anticipate the rupee has room to appreciate further. It could break 160 per dollar level till the end of December 2020,” a currency dealer said.