KARACHI: Pakistan’s stock market closed higher on Tuesday in a rally led by the banking sector, traders said.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.36 percent, or 62.86 points, higher at 17,611.40.

National Bank of Pakistan climbed by 4.29 percent to 53.51 rupees and Muslim Commercial Bank gained 1.13 percent to hit 213.49 rupees.

In the currency market, the rupee ended weaker at 98.06/98.11 against the dollar, compared to Monday's close of 97.96/98.01. The rupee had come under pressure after Pakistan made a $145 million payment to the IMF, dealers said.

Overnight rates in the money market rose to 9.40 percent compared to Monday's close of 9.25 percent.