Rupee gains

KARACHI: The rupee maintained an upward trend for the tenth consecutive session on Wednesday on the back of continued foreign currency inflows and sluggish dollar demand from importers.

The rupee closed at 160.62/dollar, compared with the Tuesday’s closing of 160.91 in the interbank currency market.

The rupee also ended stronger at 160.70 against the dollar, compared with 161.10 in the previous session in the open market.

Dealers said the currency gained further due to a fewer import payments and increased inflows.

“We saw a lacklustre dollar demand from importers and companies. The supplies were also at a very comfortable level,” a currency dealer said.

“The positive economic indicators and assigning of first-time B3 rating to WAPDA by Moody’s are fostering confidence in the Pakistani rupee,” the dealer added.