KARACHI: The Pakistani rupee closed slightly stronger against the US dollar in the interbank market on Friday.
The rupee ended at 279.62 per dollar, up from its close at 279.65 in the previous session.
The local currency also gained ground in the open market. It traded at 280.66 against the dollar, compared with 280.72 on Thursday.
Dealers said the rupee posted marginal gains due to positive sentiments surrounding Pakistan’s economy. Furthermore, the persistent increase in the foreign exchange reserves boosted market sentiment.
Pakistan’s forex reserves held by the central bank rose by $21 million to $16.178 billion as of February 6. The country’s total liquid foreign reserves also increased by $36 million to $21.375 billion. The reserves of commercial banks rose by $15 million to $5.197 billion.
According to reports, the United Arab Emirates (UAE) has agreed in principle to grant a rollover of a $2 billion deposit for a short-term period of just two months, at a time when the one-month extension was set to expire in four days.
