Rupee ends weaker against dollar

KARACHI: The rupee ended lower against the dollar in the interbank market on Friday.The rupee closed at 282.96 per dollar, compared with the previous close of 282.67.

In the open market, the rupee also dipped, trading at 285.12 versus the dollar, compared with 284.82 on Thursday.Dealers said the local unit fell for a fourth consecutive session due to fiscal-year-end dollar demand for imports and other payments.

The rupee remained under pressure, despite an increase in the foreign exchange reserves.Pakistan’s foreign exchange reserves reached a 163-week high of $16.875 billion as of June 6. The country’s reserves rose by $277 million in the reporting week, and have seen an increase of $2.88 billion so far this fiscal year.

The forex reserves held by the SBP rose by $167 million to $11.676 billion. The SBP’s reserves are enough to cover almost two months of imports.The SBP’s reserves continued to increase due to a current account surplus. Additionally, inflows from the International Monetary Fund (IMF), rollovers from friendly nations and the SBP’s dollar buying from the market played a crucial role in bolstering forex reserves.