Summary The rupee ended steady at 97.85/97.92 against the dollar.
(Reuters) - Pakistan's main stock exchange closed higher on Thursday, with the benchmark 100-share index of the Karachi Stock Exchange rising 1.28 percent, or 343.57 points to 27,165.49.
The rise was mainly led by banking stocks and supported by oil stocks. The government raised a record amount in the Pakistan Investment Bonds (PIB) auction yesterday, bringing renewed interest in the banking sector as investors anticipated better earnings going forward, dealer Samar Iqbal at Topline Securities said.
Faysal Bank Ltd rose 4.84 percent to 14.30 rupees while Bank Al Falah Ltd was up 3.87 percent to 26.85 rupees.
The rupee ended steady at 97.85/97.92 against the dollar compared to Wednesday's close of 97.85/97.92.
Overnight rates in the money market rose to 10.00 percent from Wednesday's close of 8.00 percent.
