Rupee edges higher

KARACHI: The rupee ended slightly higher against the dollar in the interbank market on Friday, helped by fewer imports payments, dealers said. The rupee closed at 160.13 to the dollar, compared with Thursday’s close of 160.17.

In the open market, the rupee gained 20 paisas to close at 160.40 versus the greenback.

Dealers said the local unit was stable amid a lack of import payments. Inflows were also sufficient to meet the market demand.

“The rupee has snapped recent losses to stabilise at 160 level and we anticipate the rupee to hover at this psychological level at least in the next session. However, we expect it to come under pressure again due to year-end importer demand and higher debt repayments,” said a foreign exchange dealer.

“Importers have started buying dollars amid fear that local currency could depreciate in coming months. Foreign debt repayments are also expected to put pressure on the currency and contribute to the strain on forex reserves,” the dealer added.