Rupee gains against dollar

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Karachi  The rupee showed strength against the dollar in the currency market on Tuesday, dealers said. In the interbank foreign exchange market, the local currency gained 10 paisas to close at 98.41 against the dollar as compared to Monday’s closing of 98.51 in the interbank foreign exchange market.

 

Currency dealers said that the rupee was traded higher at 99.55; however, it closed at 98.41 against the dollar, despite facing supply-side pressure.

 

Conversely, the rupee breached the level of 100 and was traded at 105 against the dollar in the open market on Tuesday.

 

The demand for the greenback was high from importers, amid increased payment for the fertiliser.

 

The importers are scheduled to pay approximately $450 million to their foreign sellers for the import of fertiliser during this week, which will put pressure on the exchange rate in the coming session, market dealers said.

 

Dealers said that the forex market became volatile and show panic during the session as the investors expressed concerns over uncertainties at the economic front.



Courtesy:  The News


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