Rupee gains

KARACHI: The rupee posted more gains against the dollar in the interbank market on Thursday, dealers said.

The rupee closed at 160.32 against the dollar, compared with the previous closing of 160.55. It was appreciated by 23 paisas during the session.

In the open market, the rupee ended higher at 160.50 versus the greenback. It had settled at 160.70 on Wednesday.

Currency dealers said the local unit continued to gain grounds in a lethargic trading activity ahead of the long weekend.

Financial markets will remain closed on Friday for Quaid-e-Azam Day and Christmas.

“The dollar demand remained subdued in the absence of major import payments. The buyers were in a holiday mood,” a foreign exchange dealer said. “Importers are unlikely to take fresh positions during the last trading session of 2020. There are no triggers to watch out for so the rupee should continue to gain and trade at 159 levels per dollar next week, the dealer added.

“The rupee; however, can come under pressure if there is a big demand for the dollars emerging from importers to make payments. Besides, external debt repayments, if scheduled, may put pressure on the exchange rate in the coming week.”