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Rupee strengthens

Business

October 24, 2020

KARACHI: The rupee managed to post gains for the seventh straight session on Friday, amid increased dollar inflows, and dealers said they expected the rupee to gain further in the days ahead.

The rupee closed at 161.37 against the dollar, up 0.2 percent, or 45 paisas, from Thursday’s closing of 161.82 in the interbank market.

The rupee also traded stronger in the open market; following gains in the interbank currency market. It closed at 161.80 against the dollar, compared with 162.30 in the previous session.

“Dollar supplies were good and exceed the importers’ demand. So, the rupee appreciated against the greenback,” a currency dealer said.

The currency was also boosted by the news pertaining to the approval of $304 billion financing from the World Bank’s board of executive directors for the Punjab Resource Improvement and Digital Effectiveness Programme.

The increase in Pakistan’s foreign exchange reserves helped lift traders’ sentiment.

Dealers said they expected the domestic currency to move in the range of 161 and 161.25 in the coming sessions.