Rupee gains marginally
Last Updated on Tuesday, 30 November 1999 05:00
Wednesday, 06 October 2010 11:28
Weekly Updates -
Rupee in a flash
KARACHI: The rupee ended with a marginal gain against the dollar on Tuesday as buying pressure of import and corporate payments started easing, dealers said.
The rupee gained seven paisas to close at 86.16 to a dollar in the inter-bank market from the previous day’s close of 86.23.
“The dollar demand fell during the day in the absence of any major payments for import and corporate sector,” a dealer said.
The dealer said that the local currency would stabilise around the current levels as payment pressure from importers has begun to subside.
During the last week, the rupee plunged to a historic low of 86.32 against the greenback as a result of consecutive five-day decline on heavy import payments.
Currency experts, however, said that the current level of the rupee would depend on the expected demand for the foreign currency to import basic food items in the post-flood scenario.
They said the local currency would get support on the back of inflows of home remittances and export receipts.