Rupee ends higher against dollar

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

The rupee closed at 280.47 per dollar, compared with the previous closing value of 280.56.In the open market, the rupee inched higher, trading at 281.98 versus the dollar, compared with 281.99 on Thursday.

Dealers said the local unit recovered from the losses it made in the previous session due to sluggish dollar demand from importers and companies. In addition, the positive sentiment surrounding Pakistan’s economy after the government announced a cut in power prices for industrial and commercial users also supported the rupee.

In a positive development, Pakistan’s central bank’s foreign exchange reserves increased by $70 million to $10.68 billion during the week ended March 28.The total liquid foreign reserves held by the country also rose by $29 million to $15.58 billion. However, the reserves of commercial banks fell by $41 million to $4.903 billion.