October 19, 2002	Saturday	Sha'aban 12, 1423

KARACHI, Oct 18: The rupee inched up to 59.01-59.02 for ready buying and selling against the US dollar in the inter-bank market on Friday up four paisa from the previous close of 59.05-59.06.

On Thursday also the rupee had gained three paisa against the greenback.

Senior bankers said the rupee was moving up on higher inflows of foreign currencies particularly through home remittances amidst low demand from the importers and other buyers of foreign exchange.

Bankers close to the State Bank say that the SBP seems to have decided to let the dollar slip below Rs59. “The gradual fall in the value of the dollar may eventually drive it below Rs59 figure,” said a banker close to SBP.

He said news of withdrawal of Indian and Pakistani troops from the borders had also fuelled sentiments of exchange rate stability and strengthened the rupee.

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