Thursday, May 26, 2022

Rupee strengthens

KARACHI: The rupee ended marginally stronger on Thursday due to the dollar selling by exporters, while positive sentiment about the country’s economic outlook also propped up the domestic currency, dealers said.

The rupee closed 0.11 percent firmer at 160.18 against the dollar, compared with the Wednesday’s closing of 160.35 in the interbank foreign exchange market. The rupee gained 10 paisas to end at 160.30 against the dollar in the open market.

“Healthy supplies due to exporters’ dollar selling helped the rupee gain during the session,” a forex dealer said. “The importers’ dollar demand has eased,” he added.

Dealers said sentiments were very positive for the economy, as well as for the currency. The encouraging industrial output numbers and stable outlook for Pakistan’s economy, as well as the banking sector by the latest Moody’s report was positively impacting the rupee, they said. “The rupee looks to conclude this week at 160.05 to 160.15/dollar,” another dealer said.

Source: The News

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