Rupee gains

KARACHI: The rupee extended gains for the sixth straight session, strengthening below 158/dollar level on Tuesday, aided by thin demand for the greenback from importers and healthy inflows.

The rupee closed at 157.85 against the dollar, compared with the previous closing of 158.04 in the interbank market.

In the open market, the rupee also sustained gains. It ended at 157.90 versus the dollar, compared with 158.30 on Monday.

Dealers said the local unit continued to march upwards due to soft importers’ dollar demand and inflows from remittances, Roshan Digital Account, and export proceeds.

“The dollar supplies outmatched the demand. Inflows were good and the supply was simply more than the demand,” a foreign exchange dealer said. “There is a view in the market that the rupee could go to 157.20 to 157.50 against the dollar this week, as inflows are healthy, which will easily meet the payments,” he added.