KARACHI: The Pakistani rupee closed higher against the dollar in the interbank market on Thursday.
The rupee ended at 282.17 per dollar, compared with Wednesday’s close of 282.22.In the open market, the rupee fell slightly, trading at 284.4 against the dollar, down from 284.38 in the previous session.
Dealers said that the local currency gained ground as dollar selling by exporters and remittances surpassed demand for the US currency by importers.“The rupee, rather than gaining with only two days remaining before Eidul Azha, when remittances from expatriate Pakistanis typically increase, is experiencing downward pressure caused by payment obligations,” a currency dealer said.
Dealers said that the pressure on the currency eased as remittance inflows rose ahead of Eidul Azha this weekend. The financial markets will be closed from June 6-9 for the Eidul Azha holidays.Market participants are closely watching budget-related news to get insight into the future direction of the rupee. The annual budget for the fiscal year 2026 is set to be unveiled on Tuesday (June 10).