Rupee strengthens

KARACHI: The rupee strengthened for the second consecutive session on Wednesday in the absence of import payments, and dealers said they expected the local unit to trade stable in the coming days.

The rupee was quoted at 153.04 against the dollar at the close, compared with Tuesday’s closing of 153.24. It appreciated 0.13 percent during the session in the interbank market.

The rupee also gained 20 paisas to settle at 153.60 against the dollar in the open market. It had ended at 153.80 in the previous trade.

Dealers said the pressure on the domestic currency eased, as the demand for the greenback from importers and companies remained subdued.

“Most importers had already met their hard currency needs to cover payments ahead of the religious festival of Eid-ul-Fitr, a foreign exchange dealer said.

“The rise in remittance inflows also supported the local unit,” he added.

The financial markets will remain closed from May 10 to 15, 2021 on account of the Eid holidays.

For the remaining week, dealers expect the rupee to remain stable. The currency pair is likely to test the 153 level in the remaining two sessions of the week.