Rupee appreciates

The rupee ended higher on Friday due to dollar selling from exporters, dealers said. In the interbank market, the rupee gained 11 paisas and closed at 110.41 as compared to the previous closing of 110.52.

Traders said the currency posted decent gains during the last session of the outgoing year.

“The local unit rose its value as the dollar liquidity improved. The appointment of the new economic team helped boost investor expectations of improvement in the balance of payments position,” a currency dealer said.

In the open market, the rupee also increased. It traded at 110.42/110.52 against the dollar as compared to the previous levels of 110.60/90.

Pakistan’s foreign exchange reserves are depleting at a faster pace due to increased external loan repayments.