KARACHI: The rupee ended steady against the dollar in the interbank on Friday.The rupee closed at 279.01 per dollar, nearly unchanged from its close at 279.02 in the previous session.
However, the rupee gained modestly in the open market. It ended at 280.18 against the dollar, up from 280.3 on Thursday.Dealers said that the local currency remained stable and is expected to continue this trend in the upcoming sessions. Market participants are likely to pay close attention to the US-Iran negotiations, as a successful resolution could strengthen the country’s improving macroeconomic outlook.
“On the commodities front, oil prices briefly surged past $100 a barrel last night, triggering concerns for inflation and the external account, but later eased below the psychological threshold by the close,” said Chase Securities in a note. “This pullback has provided some relief to regional markets, including Pakistan.”
Data issued by the State Bank of Pakistan (SBP) on Thursday showed that its foreign exchange reserves increased by $19 million to $16.4 billion during the week ending April 3. The country’s total liquid foreign reserves rose by $105 million to $21.895 billion. The reserves of commercial banks also increased by $87 million to $5.495 billion.
