Rupee improves

The rupee edged up against the dollar in the interbank market on Friday due to slowdown in the demand from importers, dealers said.

The rupee closed higher at 115.59/dollar as compared to 115.61 in the previous trade. The currency was largely stable at 115.61 since April 2018.

Traders said the rupee strengthened on the back of soft dollar demand. A mild dollar selling from exporters also helped the local unit post gains.

In the open market, the rupee also appreciated 10 paisas against the greenback. The rupee ended at 117.30/117.60 to the dollar as compared to 117.40 and 117.50 in Wednesday’s session. The State Bank’s data showed Pakistan’s current account deficit continued to widen on higher imports. The current account deficit surged 50 percent to $14.035 billion in July-April 2017/18.