Rupee strengthens

KARACHI: The rupee posted slight gains against the dollar on Friday on the back of healthy supplies and easing demand from importers, dealers said.

The rupee closed at 154.62/dollar, 0.11 percent up from Thursday’s closing of 154.79 in the interbank market. In the open market, the local currency ended at 155.20 against the dollar, compared with 155.30 in the previous session.

“There are some good dollar inflows today, which have supported the local unit,” a foreign exchange dealer said.

“The rupee strengthened, as the dollar supplies are more than the demand,” he added. The strong foreign exchange reserves also boosted the sentiment.

Dealers said they expected the rupee to remain stable in the days ahead. However, they see higher demand for the dollars due to the fiscal year ending on June 30 and that is expected to keep pressure on the local unit.

“The rupee may cross 154 level by the end of this month, amid higher import payments,” another dealer said.