Rupee extends gains

KARACHI: The rupee strengthened for a second straight day on Wednesday due to tepid importer dollar demand, with healthy inflows from remittances also supporting the currency.

It closed at 153.18 per dollar, 0.10 percent higher than its previous close of 153.33 in the interbank market. In the open market, the rupee ended stronger at 153.50 against the dollar, compared with 153.70 on Tuesday.

“There was a reduced demand for the greenback in the market amid lack of import payments at the start of the month,” said a foreign exchange dealer. “Importers were not willing to get forward booking owing to the surging coronavirus cases in the country,” he added. “We expect the local unit to stay largely stable in the coming days because of increased remittances from Pakistanis working abroad with the approach of the holy month of Ramazan