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March 9, 2021

Rupee inches up

Business

March 9, 2021

KARACHI: The rupee edged higher against the dollar on Monday, as the dollar demand from importers was offset by remittance inflows and export receipts, dealers said. The rupee closed at 157.08 against the dollar, compared with Friday’s closing of 157.12 in the interbank market. The local unit also ended slightly higher at 157.35/dollar in the open market. It had finished at 157.40 in the previous session. “Inflows from Pakistani workers employed abroad and export receipts helped the rupee make slight gains, despite the demand for import and corporate payments,” a foreign exchange dealer said. “We expect the rupee to extend meager gains due to enough supply of the greenback to meet the demand. The rupee could touch 156 levels per dollar in the coming sessions,” he added. The forex market hasn’t responded to the ongoing political noise in the country that emerged after Pakistan Tehreek-e-Insaf lost the Senate elections. The market players are focusing on fundamentals, dealers said. The rupee has gained value against the dollar in recent days on the back of Roshan Digital Account inflows, resumption of the International Monetary Fund’s loan programme, and robust forward sale of dollars by exporters.