Rupee strengthens

KARACHI: The rupee managed to gain slightly against the dollar on Wednesday due to reduced dollar demand from importers, dealers said.

The rupee closed at 160.28/dollar, compared with Tuesday’s closing of 160.39 in the interbank market. It rose 11 paisas, or 0.07 percent, during the day.

The rupee ended at 160.35 against the dollar, compared with 160.60 in the previous session.

“The demand for the dollar from importers remained low heading into the new year,” a foreign exchange dealer said.

“We expect the rupee to remain stable, concluding the year’s last trading session at 160 per dollar,” he added.

The rupee has been stable versus the greenback due to persistent current account surplus, debt restructuring by the Paris Club, higher remittances, inflow in Roshan Digital Account and financial inflows from bilateral and multilateral sources, and rebound in exports.