Rupee rises further

KARACHI: The rupee strengthened for the second straight day on Friday on reduced dollar demand from importers’ and increase in dollar inflows, dealers said.

The rupee closed at 160.14 against the dollar, 15 paisas higher from the previous closing of 160.29 in the interbank market. However, in the open market, the rupee stayed firm at 160.50 against the dollar.

Dealers said the demand for the hard currency remained lower due to minimal payments, while the sentiment remained positive.

“Overall, the view on the rupee is bullish because of a persistent increase in remittances and foreign exchange reserves,” a dealer at a large commercial bank said. “We expect the rupee to move in the 159.80 and 160.20 range in the coming sessions.”