Rupee strengthens

KARACHI: The rupee strengthened against the dollar on Thursday led by inflows in the form of export proceeds and remittances, and dealers said the local unit is expected to appreciate further in the coming days.

In the interbank market, the rupee closed at 160.28 versus the dollar, compared with Wednesday’s closing of 160.54. It gained 0.16 percent, or 26 paisas, during the session.

Dealers said the domestic currency sustained gains, as the demand for the greenback waned slightly, lending support to the rupee.

“There were very limited import payments. Increased inflows from exports and workers’ remittances helped the rupee strengthen,” a foreign exchange dealer said.

The reports that the Asian Development Bank had approved a $10 billion five-year loan programme for Pakistan help restore economic stability and economic growth in Pakistan.

The rupee ended at 160.50 against the dollar, compared with the previous closing of 160.70 in the kerb market.