KARACHI: The rupee ended flat against the dollar in the interbank market on Thursday.The rupee closed at 279.25 per dollar, unchanged from its closing level in the previous session.
The rupee also held steady in the open market. It finished at 280.32 against the dollar, unchanged from the previous close.Dealers said the local currency remained stable due to a balance between demand and supply of dollars in the market. They expect the rupee to trade in a narrow range in the coming sessions. The financial markets will remain closed from Friday to Monday due to Eid holidays.
Analysts said Pakistan’s market continues to grapple with heightened geopolitical uncertainty as escalating attacks across the Middle East target critical energy infrastructure. This has pushed international oil prices higher, with Brent crude once again crossing the $110 a barrel mark.
“Sustained elevated oil prices are likely to keep pressure on Pakistan’s macroeconomic indicators, particularly inflation and the external account, while also raising concerns of a tighter monetary stance,” said Chase Securities in a note.
