KARACHI: The rupee ended firmer against the dollarlink on Monday, amid foreign currencydemand for import payments, dealers said.
The exchange rate ended at Rs174.47 against the greenback from lastFriday’s closing of Rs174.48 in the interbank foreign exchange market.
The dealers said the market witnessed dollar demand for import payments, asthe market opened after two weekly holidays. They; however, said the marketremained positive due to inflows received last week.
The rupee made sharp gains last week, owing to the transfer of funds fromthe International Monetary Fund (IMFlink)and Sukuk proceeds.
It maintained the gaining momentum for the last eight consecutive dayssince reaching Rs176.98 on January 26, 2022. During this period, the localcurrency gained Rs2.5, or 1.41 per cent, against the greenback.
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The dealers expressed the hope that the rupee would likely to remain stableduring the coming days due to a decline in the import bill and improvedforeign exchange reserves.
The import bill in January 2022 recorded a decline of 22 per cent to $5.9billion, compared with $7.58 billion in December 2021, according to thedata released by the Pakistan Bureau of Statistics.
