November 14, 2002	Thursday	Ramazan 8, 1423

KARACHI, Nov 13: The rupee on Wednesday gained 10 paisa against the US dollar in the inter-bank market where it closed at 58.62/58.63 against the previous close of 58.72/58.73.

Senior bankers said the rupee gained on huge inflow of home remittances and export proceeds amidst low demand from importers. They said the rupee saw the intra-day high at 58.61 to a dollar before closing at 58.62/58.63.

The bankers said the rupee might gain more ground in the days to come as overseas Pakistanis would be sending back home more remittances in Ramazan than in any other month.

The bankers said the rupee gained value despite heavy outflows on Tuesday through oil import bills and an official debt payment. A source close to SBP said some $70-80 million had flown out of the system on Tuesday.

The rupee has risen by more than two percent against the dollar so far during this fiscal year.