KARACHI: The rupee ended a tad higher in the interbank market on Friday due to better supplies amid dollar selling from exporters, traders said.
The rupee closed at 278.20 to the US dollar, up from 278.30 on Thursday.In the open market, the rupee gained 17 paisas versus the greenback. The local currency was trading at 279.48 per dollar for selling, compared with 279.65 in the previous session.
“Although there was some demand from importers, the rupee strengthened as a result of some exporter sales (dollars) in the market,” said a foreign exchange trader.The traders believe that the Pakistani rupee will remain stable in the coming days due to the positive sentiment surrounding the country's economy.
Data from the Pakistan Bureau of Statistics showed that Pakistan's trade deficit decreased by 17 percent to $19.514 billion during the first 10 months (July-April) of the fiscal year 2024.In April, the consumer price index inflation was 17.34 percent, the lowest since May 2022, as opposed to 20.68 percent in March 2024.
The State Bank of Pakistan's reserves have reached the $9 billion mark following a $1.1 billion disbursement from the International Monetary Fund. This payment is the final installment of a $3 billion loan programme. The amount will appear in the SBP's reserves for the week that ends on May 3.
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