KARACHI: The rupee ended marginally higher against the dollar in the interbank market on Monday, supported by healthy inflows and positive sentiment surrounding the economy.The rupee closed at 278.67 per dollar, up from its close at 278.7 in the previous session.
Dealers said the local unit posted nominal gains as dollar sales from exporters and remittances exceeded importer demand.Chase Securities said in a client note that sentiment is likely to remain supported by the International Monetary Fund board’s approval of a $1.32 billion disbursement to Pakistan, which strengthens the country’s external financing position and reinforces confidence in macroeconomic stability.
“Investors will also closely monitor IMF budget discussions this week, particularly around taxation and energy pricing measures after the increase in petroleum levy on petrol and HSD to meet IMF conditions,” it said.“Meanwhile, the government’s plan to issue Pakistan’s first Panda Bond next week reflects improving access to international capital markets,” it added.
