Rupee strengthens

KARACHI: The rupee ended higher against the dollar on Monday, boosted by healthy supplies and subdued dollar demand from importers, dealers said.

The local unit closed at 152.75 against the dollar, 0.12 percent stronger than the previous closing of 152.94 in the interbank market. The rupee ended unchanged at 153.30 versus the greenback in the open market.

Dealers said the local unit extended gains due to persistent lower import payments and better inflows from workers’ remittances. “The demand for the greenback remained tepid today because of the lack of import payments,” a currency dealer said.

“We expect the rupee to stay stable with slight appreciation against the dollar in the coming sessions on the back of remittance inflows ahead of the holy month of Ramazan.