Rupee extends gains


Rupee extends gains

KARACHI: The rupee rose on Tuesday, extending gain for second straight session on the back of a slowdown in panic and speculative buying of the US currency, dealers said.

The rupee closed at 174.89 to the dollar in the interbank market, compared with Monday’s closure at 175.29, gaining 40 paisas or 0.23 per cent.

In the open market, the rupee appreciated 80 paisas to end at 177 against the dollar.

Dealers said the local unit continued to gain ground due to tepid dollar demand from importers who rushed to buy greenback in previous sessions.

“We saw a dollar demand only from genuine importers and the supplies were adequate to meet that demand,” said a currency dealer.

He said the statement by Advisor to the PM on Finance and Revenue Shaukat Tarin also helped to discourage speculative buying in the rupee.

Tarin on Sunday said talks between the International Monetary Fund (IMF) and the government reached a conclusion and the IMF would soon announce the resumption of the programme.

The dealer hoped that the rupee will strengthen further in coming days in anticipation of revival of the loan programme and $3 billion safe deposit from Saudi Arabia this week.

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