Rupee strengthens

KARACHI: The rupee posted further gains on Thursday helped by soft dollar demand from importers and increased dollar inflows, dealers said.

In the interbank market, the rupee ended at 158.46 against the dollar, 0.19 percent stronger than the previous day’s closing of 158.76.

In the open market, the rupee gained 35 paisas to close at 158.60 against the dollar.

“There were no major payments today. Positive sentiment prevailed due to increased inflows from expatriate Pakistanis in Roshan Digital Account (RDA) Scheme. Besides, some positive developments on the economic front provided support to the local unit,” a dealer at a major commercial bank said. “We expect the rupee could gain more in [the] days ahead. We think the rupee will test the 158 per dollar level soon,” he added.

In the five months since RDA was launched, more than 92,000 accounts have been opened by overseas Pakistanis living in 97 countries.

Through these accounts, $554 million have been sent to Pakistan, with around two-thirds invested in Naya Pakistan Certificates. The RDA is likely to attract $1 billion inflows by the end of this fiscal year, analysts said.