Rupee further gains 21 paisas

KARACHI: The rupee further strengthened its position on Thursday to close at 83.50 against the dollar in the currency market.

According to the weighted average, customer exchange rates issued by the State Bank of Pakistan (SBP), the rupee gained 21 paisas against the greenback.

Currency dealers attributed the gain to lower dollar demand from importers and selling of the greenback by the exporters.

Muhammad Mustufa, Head of Forex Department, KASB Securities, attributed no due payments for oil as one of the major reasons for the rise in the rupee value.

He also attributed strict monitoring by the State Bank of Pakistan (SBP) to stable the local currency against the greenback as another factor for increase in the currency value.

The buying and selling of dollar stood at 83.50 and 83.69 as compared to the previous dayís exchange rate of 83.71 and 83.90.

Source The News