Rupee gains four paisas against dollar

KARACHI: The Pak Rupee gained four paisas against the dollar on Monday despite demand for import and corporate payments.

The rupee ended Rs159.42 to the dollar form last Friday’s close of Rs159.46 in the interbank foreign exchange market.

Currency dealers said that the market witnessed demand for the dollars because of the first trading day of the week and the market opened after two weekly holidays.

They said that the supply of the greenback was sufficient to offset the demand and helped the local currency to make gain.

The dealers said that the local currency likely to make gain in coming days owing to improved economic indicators, including the foreign exchange reserves of the country.

The liquid foreign exchange reserves of the country have increased by $467 million to $20.552 billion by week ended November 20, 2020. The foreign exchange reserves of the country were at $20.085 billion by week ended November 13, 2020.

The official reserves of the SBP increased by $484 million to $13.415 billion by week ended November 20, 2020 as against $12.931 billion a week ago. The SBP attributed the increase to official government inflows.

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