Rupee ends stronger

KARACHI: The rupee extended its gains to below 159 against the dollar on Friday, aided by lower demand and greenback selling by exporters, dealers said.

The rupee closed at 158.82 to the dollar, compared with the previous closing of 159.07 in the interbank market. It gained 0.16 percent during the session.

Dealers said the local unit breached the support level of 159 and traded at 158-mark due to the oversupply of the greenback in the market.

“The inflows were higher than the demand, amid higher remittances and increased inflows coming into the Roshan Digital Account,” a currency dealer said.

Some dealers also attributed the rise in the value of the rupee to an improvement in the hot money inflows in the bond market.

The rupee saw a low of 158.50 and a high of 158.41.

Dealers anticipate the rupee to move in the band of 158.50 and 159 to the dollar in the coming sessions.

The rupee has been supported by inflows from remittances, exports, and international financial institutions. Robust inflows under the Roshan Digital Account and the current account surplus also kept the rupee stable.