Rupee climbs in kerb

KARACHI: The rupee gained some strength against the dollar in the interbank market on Friday as the demand from importers for their payments was thin, said treasurers. The dollar was trading at Rs 59.25 for buying and Rs 59.30 for selling, showing a decline of three paisas.

“The demand of dollars by importers decreased slightly, which helped the rupee rise against the greenback,” said a treasurer at a local bank. Usually the demand is little on Friday, he added.

Bankers said that most of the banks have payments in the pipeline, but the central bank was not allowing them to indulge in heavy buying, which could cause a sharp decline in rupee’s value.

The treasurer said selling by exporters had been more than the demand by importers for past few days, which helped the rupee to gain some value against the dollar.

Bankers said the central bank was still providing dollars to commercial banks for oil payments. It could continue to support the rupee against the burgeoning oil payments, until and unless the foreign exchange reserves of the country are significantly hit, they added.

The pound sterling was trading at Rs 112.42 for buying and Rs 112.52 for selling. It registered a rise of 50 paisas against the local unit. The euro fell 17 paisas in the interbank to close at Rs 77.25 for buying and Rs 77.35 for selling.

Kerb market: The rupee improved further in the open currency market due to increased supply of US currency, said foreign exchange dealers.

The dollar closed at Rs 59.30 for buying and Rs 59.35 for selling in the open market. It plunged by 15 paisas. It was available for Rs 59.25 for buying and Rs 59.30 for selling in early trade.

The greenback has been going down against the rupee, because people were selling dollars to foreign exchange companies in order to apply for the shares of Attock Petroleum Limited while the demand of dollar was normal, said a dealer at a foreign exchange company.

The pound sterling closed at Rs 112.00 for buying and Rs 112.10 for selling in the open market, surging by 25 paisas. The euro closed at Rs 77.50 for buying and Rs 77.60 for selling, a fall of 10 paisas. —Staff Report

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