Rupee ends up

KARACHI: The rupee rose marginally against the dollar in the interbank market on Thursday because of the lack of import payments, dealers said.

The rupee closed at 166.21 against the dollar, up from Wednesday’s closing of 166.34.

In the open market, the rupee also gained grounds. It ended at 166.30, compared with 166.50 in the previous session.

Dealers said slowdown in the dollar demand from importers, healthy supplies and positive sentiment helped the domestic currency appreciate during the day.

“We expect the rupee to stay stable against the dollar in the sessions ahead. It seems to trade in the band of 166 and 166.50 in the coming week.”

Market sentiment remained bullish ahead of the central bank’s monetary policy announcement on Monday. The State Bank of Pakistan (SBP) is expected to keep the policy rate at 7 percent.