Summary The rupee weakened slightly at 97.85/97.90 against the dollar.
(Reuters) - Pakistan s main stock exchange closed higher on Tuesday, with the benchmark 100-share index of the Karachi Stock Exchange rising 1.06 percent, or 278.73 points to 26,670.14.
Engro Fertilizer, which relies on cheap gas to make its product, closed against its upper limit after the government s decision to maintain current gas prices, said dealer Samar Iqbal at Topline Securities.
Engro Fertilizer Ltd rose 4.98 percent to 59.40 rupees while Oil and Gas Development Co Ltd was up 1.19 percent to 250.01 rupees.
The rupee weakened slightly at 97.85/97.90 against the dollar compared to Monday s close of 97.75/97.80.
The slight dip was in contrast to a trend of increasing strength following Saudi Arabia s gift of $1.5 billion to refresh Pakistan s depleted reserves.
On Monday, International Monetary Fund agreed to waive conditions for financial reforms to release the third tranche of around US$555 million. Pakistan also required a waiver for the previous two disbursements.
Overnight rates in the money market fell to 8.25 percent from Monday s close of 8.75 percent.
