Rupee ends slightly higher

KARACHI: The rupee closed modestly stronger against the dollar in the interbank market on Tuesday.The rupee ended at 281.02 per dollar, up from its close at 281.07 in the previous session.

However, the rupee declined in the open market. It was trading at 282.87 against the dollar, compared with 282.78 on Monday.In its half-yearly report for the fiscal year 2025, released on Monday, the State Bank of Pakistan said that the current account surplus, dollar purchases from currency markets, favourable global commodity prices, and the approval of the IMF’s loan programme have positively influenced the foreign exchange market.

The exchange rate remained broadly stable at around 278 per dollar through the first six months of FY25, and the kerb premium remained negligible.“There was, however, a brief period of uncertainty during Q1FY25 due to the delay in approval of the IMF programme amidst a gap in external financing arrangements,” it said.

“The kerb premium somewhat increased during this period but eventually alleviated after the IMF Board approved a $7 billion Extended Fund Facility (EFF) for Pakistan on September 25, 2024,” it added.