July 11, 2002	Thursday	Rabi-us-Sani 29, 1423

KARACHI, July 10: The rupee gained eight paisa in the inter-bank market on Wednesday as the dollar buying spree for corporate debt payments was over.

Senior bankers said the rupee closed at 60.04/60.06 to a US dollar for ready buying and selling against the previous close of 60.12/60.14.

They said four foreign banks made an outward remittances of more than $46 million on behalf of Hubco — the largest private sector power producing company. The banks were Citibank, ABN Amro, Deutsche Bank and Bank of Tokyo. Hubco pays its creditors every six months.

Bankers said the market also made $12 million oil import payment on behalf of the Pakistan State Oil (PSO).

On Tuesday banks had made $12.5 million and $15 million corporate debt payments on behalf of Pak Arab Refinery Company and FFC Jordan Company.

The rupee had lost nine paisa to a dollar between July 1-8 when the banks were buying dollar from the market to make the above listed payments.

In the kerb market the rupee gained three paisa on Wednesday to close at 60.15/60.20.