Rupee remains strong

KARACHI: The rupee ended stronger against the dollar for a fourth consecutive session on Friday, dealers said.

In the interbank market, the rupee closed at 152.94 per dollar, compared with the previous close of 153.02.

The rupee ended at 153.30 against the dollar, compared with 153.40 on Thursday.

Dealers said it continued to gain ground, breaking the 153 level due to sluggish dollar demand for import payments and strong inflows in the shape of remittances.

Local unit was also supported by the boost in foreign exchange reserves following the proceeds of Eurobonds issuance. The State Bank of Pakistan has received the proceeds of government’s $2.5 billion Eurobond issuance in its account. As a result, SBP’s forex reserves closed above $16 billion, their highest level since July 2017.

“We have to see whether the rupee will sustain at 152 levels in the coming sessions,” said a currency dealer.