Rupee extends gains

KARACHI: The rupee extended gains on Friday, rising 0.21 percent versus the dollar due to strong inflows from remittances, dealers said.

In the interbank market, the rupee closed at 152.28 against the dollar, compared with Thursday’s closing of 152.60.

The rupee also rose against the dollar in the open market. It ended at 152.80 against the dollar, compared with 153.20 in the previous session.

“The positive trigger for the rupee is better supplied on the back of the Ramazan-related remittances. The advent of Ramazan and Eid increased the inflow of remittances from overseas Pakistanis, helping bolster the foreign exchange reserves and the currency, as well,” a foreign exchange dealer said. “A slowdown in the importers’ demand also supported the local unit,” he added.