Rupee strengthens

The rupee strengthened its value against the dollar in the interbank market on Friday, currency dealers said.

It closed at 156 against the greenback, compared with the previous closing of 156.23. However, in the open market, the local currency traded firmer at 156.30 versus the dollar. Dealers said the local unit gained value against the greenback due to dull dollar demand from importers.

Moreover, Prime Minister Imran Khan’s visit to Saudi Arabia gave positive signal to investors. Khan in a meeting with Saudi King Salman bin Abdul Aziz expressed the country’s resolve to stand with the Kingdom.

The two leaders also discussed matters of mutual interests, including trade, investment and economic relations. The current account deficit narrowed 54.6 percent to $1.292 billion in the first two months of the current fiscal year from $2.850 billion a year ago.

Pakistan’s foreign exchange reserves increased to $15.898 billion during the week ended September 13 from $15.751 billion in the previous week. The foreign exchange reserves held by the State Bank of Pakistan rose $138 million to $8.60 billion.