Rupee edges up

KARACHI: The Pakistani rupee posted slight gains against the US dollar on Friday.The rupee closed at 277.07 per dollar in the interbank market, inching up from its close at 277.1 in the previous session.

In the open market, the local unit also rose slightly. It traded at 279.01 against the dollar, compared with 279.09 on Thursday.Dealers said the rupee continued its stable trend owing to a matching demand and supply of dollars in the market amid growing foreign exchange reserves. They expect the local currency to remain trading in tight ranges in the sessions ahead.

The forex reserves held by the State Bank of Pakistan rose by $39 million to $21.439 billion as of September 25. The SBP reserves continued to rise, boosted by a $3 billion Eurobond sale and the central bank’s steady dollar purchases from the market. The central bank bought $8.10 billion from the interbank market in fiscal year 2025-26, up from $7.7 billion in the previous year.