Rupee gains another 0.37pc against dollar

The rupee maintained a bullish trend and rose by 0.37 per cent against the US dollar in the interbank market on Friday. The frequent appreciation of the local currency since the start of the current month has strengthened the perception in the currency market the greenback would depreciate to a certain level required to stabilise the exchange rate. It is believed that the ongoing crackdown to check forex smuggling would keep the dollar rate on the lower side in the open market while the interbank has substantial liquidity as exporters have started selling their dollar holdings. The dollar lost Rs1.11 on Friday to close at Rs296.85, the State Bank of Pakistan (SBP) reported. (Dawn)