Rupee gains 8 paisas on inflows

KARACHI: The Pak Rupee gained eight paisas against dollar on Wednesday owing to inflows of export receipts and workers remittances, dealers said.

The rupee ended Rs156.25 to the dollar from previous day’s closing of Rs156.33 in interbank foreign exchange market.

The currency dealers said that the market witnessed pressure earlier in the day however dollar supply was seen later in the day which helped the rupee to gain value.

The foreign currency market was initiated in the range of Rs156.35 and Rs156.45. The market recorded day high of Rs156.48 and low of Rs156.23 and closed at Rs156.25.

Currency experts said that the positive economic indicators may lead to further appreciation in the rupee value in coming days. They, however, said that the debt repayment may escalate demand for the foreign currency.

The exchange rate in open market was remained stable. The buying and selling of the dollar was recorded at Rs155.80/Rs156.30 the same previous day’s closing in cash ready market.

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