Rupee ends higher against dollar

KARACHI: The rupee closed slightly stronger against the dollar in the interbank market on Friday.

The rupee ended at 279.21 per dollar, up from 279.26 on Thursday.

In the open market, the rupee also gained ground, trading at 281.07, compared with 281.10 in the previous session.

Dealers said the local unit strengthened aided by dollar selling by exporters. This supported the rupee during the session.

“The rupee managed to post little ground against the dollar, despite decrease in the foreign exchange reserves,” a currency dealer said.

Pakistan’s central bank foreign exchange reserves decreased by 252 million to $11.17 billion during the week ended February 7 due to external debt repayments.

The total liquid foreign reserves held by the country dropped by $181 million to $15.863 billion. However, the reserves of commercial banks increased by $70 million to $4.696 billion.

The country’s external account has improved due to surge in remittances and improved exports. However, external debt repayments put pressure on the forex reserves.