KARACHI: The Pakistani rupee ended flat against the US dollar in the interbank market on Thursday.The rupee closed at 280.36 per dollar, barely changed from its close at 280.37 in the previous session.
In the open market, the local currency also remained stable. According to the currency rates published by the Exchange Companies Association of Pakistan (ECAP), the rupee settled at 281.4 against the dollar, unchanged from the previous close.
Dealers said the local unit maintained its stable trend due to matching demand and supply of dollars, and after the State Bank of Pakistan (SBP) received $1.2 billion from the International Monetary Fund under the Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) loan programmes. Furthermore, a steady rise in the foreign exchange reserves also supported the rupee.
Data issued by the SBP showed that its reserves rose by $12 million to $14.586 billion during the week ending December 5. The total liquid foreign reserves held by the country increased by $24 million to $19.612 billion. The reserves of commercial banks also rose by $12 million to $5.026 billion.
