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February 24, 2021

Rupee strengthens

Business

February 24, 2021

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

The rupee closed at 158.89 against the dollar, compared with Monday’s closing of 159.07. It appreciated 0.11 percent during the session.

In the open market, the rupee gained 30 paisas to end at 159.10 against the greenback.

Dealers said the local currency gained ground due to insignificant dollar demand from importers for payments and positive economic sentiment among traders.

The improvement in the current account balance and higher growth levels in the workers’ remittances acknowledged by a global rating agency lifted traders’ sentiment.

“The decline in the current account deficit and rising remittances could bode well for the rupee and the foreign exchange reserves,” a currency dealer said.

The current account deficit narrowed 55 percent year-on-year to $229 million in January mostly because of recovery in exports and robust remittances.

The current account; however, posted a surplus of $912 million in the seven months of the current fiscal year (July to January), compared with the deficit of $2.54 billion in the same period of the last fiscal year.