Rupee ends higher against dollar

KARACHI: The rupee closed slightly stronger on Thursday, snapping three consecutive sessions of losses because of better availability of dollars.

The rupee ended at 277.95 to the dollar, compared with Wednesday’s close of 278.04. According to dealers, the local currency recovered during the session because exporters’ dollar sales exceeded importers’ demand. The rupee has remained steady and has been following this trend, losing ground during the first three sessions of the week and gaining ground during the remaining sessions, a dealer said.

In the open market, the rupee also marginally increased versus the greenback. It was trading at 278.94 per dollar, up from 277.99 in the previous session. According to analysts, developments on the economic front continued to be favourable. Shehbaz Sharif, the prime minister of Pakistan, has expressed pleasure with the execution of the recently agreed bilateral memorandums of understanding for $2.8 billion in Saudi investment in Pakistan.

Pakistan and the Asian Development Bank have inked a $500 million loan agreement under the ‘Climate and Disaster Resilience Enhancement Programme’ to improve the nation’s ability to handle the risks of natural disasters and climate change.Azerbaijan approved investments totalling up to $3 billion in various sectors of Pakistan.