Rupee gains 18 paisas against dollar on inflows

KARACHI: The Pak Rupee strengthened by 18 paisas against dollar on Wednesday owing to inflows of workers’ remittances and export receipts.

The rupee ended Rs165.70 to the dollar from previous day’s closing of Rs165.88 in interbank foreign exchange market.

Currency experts said that the rupee strengthened owing to strong inflows of the foreign currency in the shape of workers’ remittances and export receipts.

They said that the demand for the greenback was remained higher during the day for imports and corporate payments.

The experts said that usually by quarter end the demand for the foreign currency on the higher side as foreign companies repatriate their profits to their parent companies.

However, they said that substantial inflows helped the local units to make gain.

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