Rupee ends higher against dollar

KARACHI: The rupee ended slightly stronger against the dollar in the interbank market on Thursday.The rupee closed at 281.61 per dollar, up from 281.7 in the previous session.

In the open market, the rupee also declined, trading at 283.75 against the dollar, compared with 283.72 on Wednesday.Due to improved supplies and dollar selling by exporters, dealers said the rupee was able to register modest gains. Additionally, market sentiment improved with the receipt of the loan tranche from the International Monetary Fund (IMF).

On Wednesday, the State Bank of Pakistan (SBP) received the second tranche of $1.02 billion from the IMF under the extended fund facility programme.Analysts said the IMF’s loan disbursement reflects the ongoing support from the global lender and provides the government with some breathing space to address external pressures. This will help bolster the foreign exchange reserves, aiding in maintaining the rupee’s stability against the dollar. With this approval, total disbursements under the 37-month Extended Fund Facility have reached $2.1 billion.