Rupee strengthens on exporter sales

KARACHI: The rupee strengthened slightly on Tuesday, supported by exporters' dollar conversions and positive sentiment about the country's economy, dealers said.

In the interbank market, the rupee closed at 278.12 against the dollar, which is 0.04 percent or 12 paisas higher than Monday's closing of 278.24.“Exporters made some conversions today, while import demand remained subdued. We also observed exporters selling dollars in forward,” said a currency dealer.

The rupee appreciated by 29 paisas against the US dollar in the open market. The selling price of the local currency was 279.09 per dollar, up from the previous session's 279.38.It is anticipated that a team from the International Monetary Fund will visit Islamabad this month to finalise details for a new loan programme and set parameters for the upcoming budget, adding optimism to the country's economy. Positive sentiment also exists over prospective Saudi investments in Pakistan, according to dealers. Saudi Arabia's Crown Prince, Mohammed bin Salman, is expected to visit Pakistan next week for important discussions with the country's leadership.