KARACHI: The rupee ended a slightly stronger against the dollar in the interbank market on Wednesday.The rupee closed at 278.72 per dollar, up 0.01 per cent from its closing level of 278.75 on Tuesday.
The local unit also gained ground in the open market. It traded at 279.98 against the dollar, compared with 280.02 in the previous session. The rupee made marginal gains as dollar sales from exporters and remittances exceeded importer demand, according to dealers. Furthermore, the plunge in oil prices amid sign of easing in the Middle East hostilities improved market sentiment.
The US President announced the suspension of ‘Project Freedom’ following requests from Pakistan and other regional players, signalling a renewed possibility of a diplomatic breakthrough with Iran, said Chase Securities in a note.
“The statement eased geopolitical concerns, triggering a pullback in international oil prices, which briefly slipped below the $100 per barrel mark,” it said. “This development provided relief to global markets, with regional equities trading in the green as fears of prolonged supply disruptions in the energy market subsided,” it added.
