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October 30, 2020

Rupee strengthens

Business

October 30, 2020

KARACHI: The rupee’s uptrend continued against the dollar in the interbank currency market on Thursday, dealers said.

The rupee appreciated 0.2 percent, or 36 paisas, versus the greenback during the day. It closed at 160.26 against the dollar, compared with the previous closing of 160.62.

In the open market, the rupee rose 30 paisas to 160.40/dollar. It had finished at 160.70 on Wednesday.

The domestic currency continued to strengthen, drawing support from slowing demand for the dollars, as imports waned, dealers said. “The demand for the dollars remained dull. Exporters also sold dollars in the market. However, activity remained low in the market ahead of a public holiday on Friday,” a dealer said.

The financial markets will remain closed on Friday on the occasion of 12th Rabi-ul-Awal, Eid Milad-Un-Nabi.

Besides, rising foreign exchange inflows and struggling US dollar against the major currencies, amid rising worries about a second wave of coronavirus infections in some countries and the US election-related uncertainties also helped the regional currencies to gain, including Pakistani rupee.

Dealers expect the rupee to see minor gains in the coming sessions, as the central bank so far has not acted to discourage the rupee’s rise.