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Rupee ends stable

Business

November 27, 2020

KARACHI: The rupee was little changed against the dollar in the interbank currency market on Thursday, dealers said.

The rupee closed at 159.27 against the dollar, compared with the previous closing of 159.28.

In the open market, the rupee ended at 160.07. It had settled at 159.80 in the previous session.

Dealers said the domestic currency stayed flat after gaining 1.11 percent for two consecutive sessions, as payments for imports waned. They added that inflows were also adequate to meet the market demand.

“There have been dollar inflows and these are enough to help keep the rupee stable around 159 level in the coming sessions,” a foreign exchange dealer said.

“The surplus in the current account, healthy remittances and exports and higher inflows from multilateral sources and Roshan Digital Accounts (RDAs) are providing support to the local unit.”

Expatriates are depositing around $2 million daily in RDAs with approximately 1,200 accounts being opened on weekends. The initiative has received $100 million since its launch, according to the State Bank of Pakistan.