KARACHI: The rupee closed nearly unchanged against the dollar in the interbank market on Tuesday.The rupee ended at 278.75 per dollar, compared with the previous close of 278.76.
However, the local currency slightly weakened in the open market. It traded at 280.21 against the dollar, compared with 280.14 on Monday.The rupee remained flat due to a balance between demand and supply of dollars in the market. However, the traders were concerned over the widening of Pakistan’s trade deficit, which surged 20 per cent to $32 billion in the 10 months of fiscal year 2026, weighed down by higher imports, especially petroleum products, amid the ongoing conflict in the Middle East. The country’s trade deficit rose 4.0 per cent year-on-year (YoY) and 44 per cent month-on-month (MoM) to $4.07 billion in April.
Oil prices stayed elevated, with Brent crude still trading above $110 a barrel.The foreign exchange reserves held by the State Bank of Pakistan increased to $15.827 billion as of April 24 due to the receipt of Pakistan Eurobond proceeds. The central bank expects its reserves to reach $18 billion by the end of June.
