October 5, 2002	Saturday	Rajab 27, 1423

KARACHI, Oct 4: The rupee gained four paisa against the dollar in the inter-bank market on Friday despite nominal corporate debt servicing and oil import payments.

Senior bankers said the rupee closed at 59.11/59.12 for ready buying/selling down four paisa from the Thursday close of 59.15/59.16.

“The rupee gained mainly because some banks raised rupee funds through swaps to fill in the gap in their weekly cash reserves,” said treasurer of a local bank. “Even otherwise there was enough supply that pushed the rupee up.”

A senior dealer at a foreign bank said there was nominal debt and oil payments but that were too small to make any impact on the demand side.

In the kerb market the rupee closed unchanged at 58.95/59.05 for buying/selling.