Rupee ends higher against dollar

KARACHI: The Pakistani rupee ended slightly stronger against the US dollar in the interbank market on Thursday.The rupee closed at 282.07 per dollar, up 0.04 per cent from the previous close.

In the open market, the rupee inched up, trading at 284.39 versus the dollar. It had settled at 284.4 in the previous session.Dealers said the local currency gained ground following a drop during the previous two sessions, attributed to heightened demand for dollars for imports and other payments. Furthermore, limited supply due to exporters' hesitance to sell large amounts of dollars exerted pressure on the rupee.

The financial markets were closed on Wednesday for the Youm-e-Takbeer holiday.According to dealers, Eid-related remittance inflows appear to have gained pace, supporting the local currency.

Dealers expect the local unit to trade range-bound against the dollar until the budget is unveiled. The evolving news flow surrounding the budget will determine the rupee’s future direction. Pakistan is set to present its fiscal year 2025-26 budget on June 10.