KARACHI: The rupee edged higher against the dollar in the interbank market on Thursday.The rupee closed at 279.32 per dollar, up 0.01 per cent from its close of 279.35 in the previous session.
The local currency unit also gained in the open market. It traded at 280.37 against the dollar, compared with 280.41 on Wednesday.Dealers said the rupee remained firm due to smooth dollar supply in the market. However, market participants are closely monitoring the evolving geopolitical situation in the Middle East to gauge the rupee’s future direction.
News flow regarding the Middle East conflict remains mixed while certain statements indicate that the war may be nearing its conclusion, other developments suggest that there are still no clear signs of immediate de-escalation, said Chase Securities in a note.
“This uncertainty has kept investors cautious, particularly due to concerns surrounding volatile oil prices and their potential implications for inflation and macroeconomic stability,” it added.
