Rupee inches up against dollar

KARACHI: The rupee ended marginally higher against the US dollar in the interbank market on Wednesday.

The rupee closed at 278.10 to the dollar, compared with Tuesday’s close of 278.12.According to dealers, the local currency remained stable against the US dollar due to a balance between demand and supply in the market.“While there was a demand for the US currency from importers, exporters selling dollars helped maintain the stability of the rupee against the dollar,” said a currency dealer.

The selling price of the local currency in the open market declined slightly to 279.14 per dollar from the previous session's 279.09.Dealers believe that positive sentiment regarding Pakistan's economy will help keep the rupee stable in the upcoming trading sessions.Following the conclusion of the Saudi delegation's visit, the focus now shifts to the upcoming visit of the International Monetary Fund team, which is scheduled to discuss the new loan program within the next 7 to 10 days, as announced by the Finance Minister. According to media reports, the IMF is proposing an increase in the tax base of Rs1.3 trillion, along with other budgetary measures, which are expected to receive significant attention in the news cycle.