Rupee ends slightly higher on better supplies

Our Correspondent
Friday, May 24, 2024

KARACHI: The rupee closed marginally stronger in the interbank market on Thursday supported by dollar selling from exporters.

The rupee settled at 278.30 against the US dollar, slightly higher than its close at 278.47 on Wednesday. It appreciated by 17 paisas or 0.06 percent during the session. According to traders, the local currency rebounded from the day before as exporters' dollar sales increased supply and outpaced importers' demand. The rupee gained minimal ground against the dollar as a result of this.

The rupee was a little changed in the open market trade. It was trading at 279.55 per dollar, compared with 279.54 in the previous session. Traders expect the rupee to continue to trade in a range-bound manner in the coming sessions, depending on the demand and supply of the greenback.

The visiting International Monetary Fund team has conveyed to the Pakistani authorities that the next bailout package under the Extended Fund Facility (EFF) would only be considered after presenting an aligned upcoming budget and securing its approval from parliament.