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Rupee gains 29 paisa to close at 101.06 a dollar in interbank market

Rupee gains 29 paisa to close at 101.06 a dollar in interbank market

KARACHI: The rupee gained 29 paisas against the dollar after the country received receipts of international Sukuk issue, which gave a boost to the reserves, a dealer said.

The rupee closed at Rs101.06/dollar in the interbank market against the last closing of Rs102.35/dollar and was trading at Rs101.25/dollar in the open market.

Analysts said the country had received $1 billion as reported by the central bank; the inflows lifted the market sentiment.

There were export receipts and remittances, while the demand for import payments was on the lower side and the local currency gained some ground.

Dealers said quite favourable inflation numbers for November lifted the market sentiment, which was reflected on the value of the local currency. Analysts said encouraging inflation numbers, declining oil prices in the international market and rising foreign exchange reserves posed a positive outlook for the local currency, going forward.