Rupee ends higher against dollar

KARACHI: The Pakistani rupee closed slightly stronger against the US dollar in the interbank market on Tuesday.

The rupee finished at 278.47 to the dollar, down from 278.56 in the previous session.

The local unit rebounded from the losses of the previous three sessions, according to dealers, because importers’ dollar demand slowed.

“It appears that businesses and importers had already purchased dollars to fulfill their commitments ahead of the public holiday.

The financial markets will be closed on Wednesday, December 25 due to Quaid-e-Azam Day and Christmas. In the open market, the rupee also rose, closing at 279.51 to the dollar, up from 279.59 in the previous session.

According to data from the Economic Affairs Division, Pakistan borrowed $2.667 billion from various financing sources in the first five months of the current fiscal year, compared with $4.285 billion in the same period last year.

The initial tranche of $1.03 billion received from the International Monetary Fund is not included in the $2.667 billion. The overall inflows for the July-November period of FY25 would be $3.697 billion if the IMF inflows are included.