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May 31, 2008
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Saturday
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Jamadi-ul-Awwal 25, 1429
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Rupee inches up against dollar
KARACHI, May 30: The rupee gained slightly on Friday on expectations of fresh inflows of foreign currency in the short-term, dealers said.
The rupee was quoted at Rs66.75/95 to the dollar at the close compared with Thursday’s close of 66.95/67.25.
Dealers said deals were struck between Rs66.10/15 to Rs66.85/90 to the dollar.
The rupee has depreciated 8.4 per cent against the dollar this year, mostly in recent weeks, but has recovered 4 per cent from a record closing low set on May 20.
“Trade was slightly dull today but rupee could strengthen to 66 in the coming days on expectations of foreign inflows,” said a currency dealer in Karachi.
Dealers said the tightening of monetary policy last week also helped curb speculation and stabilised the currency.
In the money market, overnight call rates rose to 4 percent, compared with 1 per cent on Thursday after the State Bank mopped up Rs10.45 billion in one-day repo at 8.38 per cent.—Reuters
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