Rupee extends gains

KARACHI: The rupee extended gains for the fourth consecutive session on Friday due to fewer import payments and positive sentiment, dealers said.

The rupee closed at 160.10 against the dollar, up from Thursday’s closing of 160.28 in the interbank market. The rupee rose 18 paisas, or 0.11 percent, during the day.

In the open market too, the rupee ended higher at 160.30 against the dollar. It had settled at 160.50 versus the greenback in the previous trading session.

“The rupee continued to gain grounds in dull trading. The appetite for the greenback from importers and the companies remained low,” a currency dealer said.

“A persistent growth in the workers’ remittances also supported the local unit.”

Dealers said the local currency is expected to follow a range-bound trading pattern in the sessions ahead. It could hover around 160 and 160.50 against the dollar in the coming week, they added.

The reports of extending financial support from the World Bank to Pakistan, approval of a $10 billion five-year loan from the Asian Development Bank for the country, and the issuance of Islamic bonds are sparking positive sentiment among the traders.