Rupee improves

The rupee closed higher against the dollar on Friday on the back of soft dollar demand from importers, dealers said.The rupee closed at 121.49 to the dollar as compared to 121.54 in the interbank market. However, the currency lost ground in the open market due to fresh surge in the dollar demand. In the open market, the rupee ended at 124/124.50 against the dollar. It traded at 123.40/123.80 in the previous session.Pakistan’s foreign exchange reserves fell 3.30 percent to $16.243 billion during the week ended June 22, according to the data released by the central bank on Thursday.The reserves held by the State Bank of Pakistan (SBP) decreased $602 million on weekly basis. The SBP’s reserves were $9.662 billion. The forex reserves of commercial banks rose to $6.581 billion as compared to $6.533 billion in the preceding week.

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