Rupee edges up

By Our Correspondent
February 10, 2024

KARACHI: The rupee ended marginally higher on Friday as dollar supplies from exporters outpaced the buying of the US currency from importers and companies.

A foreign currency counts Pakistani rupee notes at a shop in Karachi, on March 2, 2023. — Online

In the interbank market, the rupee closed at 279.28 per dollar, slightly stronger than its previous close of 279.34. The rupee also gained ground in the open market trade. The rupee was trading at 281 for selling, compared with 281.05 on Wednesday.

When the currency market reopened following a one-day holiday, dealers reported that there was demand for US dollars. The markets were closed on Thursday on account of national elections.

“Good inflows from exporters helped the rupee experience minor gains against the dollar despite demand,” said a currency dealer.

Given a fairly balanced supply and demand for foreign currency in the market, the value of the rupee held steady. The preliminary results of the general elections, which indicated that no party had a clear majority, had no adverse effect on the rupee. Nonetheless, the data that is now available indicates that the independent candidates are now leading in the vote count, followed by the Pakistan Muslim League-Nawaz and the Pakistan Peoples Party. Analysts expect that the rupee will stay at its present levels till the formation of the next political government. The new government's economic policies and reform plan will ultimately determine the rupee's future course.