Rupee weakens slightly in interbank

KARACHI: The Pakistani rupee ended marginally weaker against the US dollar in the interbank market on Friday.The rupee closed at 280.26 versus the dollar, down from its close at 280.23 in the previous session.

However, the local unit inched up in the open market. It was trading at 282.06 per dollar, compared with 282.07 on Thursday. According to dealers, the rupee is likely to remain range-bound. Market players will watch the approval of the first review of the $7 billion loan from the International Monetary Fund and the prime minister’s trip to Saudi Arabia to gauge the rupee’s future.

The IMF has indicated that the country is making progress toward receiving the second $1 billion tranche of the Extended Fund Facility secured last year.

According to reports, a $100 million Saudi oil facility is expected to commence this month. This $1.2 billion oil facility will be available to Pakistan for twelve months, lasting until February 2026. Additionally, Pakistan has so far secured $6 billion from international creditors from July to February FY25. The foreign exchange reserves held by the State Bank of Pakistan increased by $49 million to $11.15 billion during the week ended March 1.The total liquid foreign reserves held by the country increased by $87 million to $16.02 billion. The reserves of commercial banks also rose by $38 million to $4.87 billion.