Rupee gains

KARACHI: The rupee ended marginally stronger against the dollar in the interbank foreign exchange market on Tuesday, dealers said.

The rupee closed at 160.16 against the dollar, slightly higher than 160.22 a day ago.

In the open market, the rupee rose to 160.30/dollar from 160.35 on Monday.

“The domestic currency gained ground today in the absence of import payments. Most payments were covered in the previous session,” a currency dealer said. “Inflows were also pretty good in the market, which helped the rupee to remain stable,” the dealer added. Dealers said the rupee was expected to stay range-bound in the coming days, as healthy dollar inflows from higher remittances from Pakistanis workers abroad and export proceeds were likely to prevent any sharp depreciation in the local unit’s value.