Rupee drops to 283.64 per dollar in interbank market

KARACHI: The Pakistani rupee ended lower against the US dollar in the interbank market on Thursday. The rupee closed at 283.64 to the dollar, 0.03 per cent weaker than the previous close of 283.55.

In the open market, the rupee also declined, trading at 285.69 against the dollar. It had ended at 285.58 on Wednesday. Dealers said the local currency persisted in its slide owing to heightened dollar demand from importers and companies to meet their obligations.

Oil prices rose again on Thursday after a drop the previous day, as Israel and Iran continued to exchange missile attacks overnight. Meanwhile, US President Donald Trump’s stance on the conflict left investors feeling uneasy.

Brent crude futures increased by $1.06, or 1.4 per cent, reaching $77.76 a barrel by 11:51 GMT. US West Texas Intermediate crude for July was up $1.26, or 1.7 per cent, trading at $76.4.

In a positive development, Pakistan secured a $1 billion loan facility by re-entering the commercial debt market, signalling improved external financing prospects and boosting investor confidence, according to Chase Securities’ note.