KARACHI: The news of getting a deferred payment facility of 15 billion dollars for 5 years from China, the current account surplus for the third consecutive month and the current account surplus after 13 months in April in both the foreign exchange markets on Friday against the dollar. The rupee continued to depreciate.
As remittance inflows increase, exporters keep remittances of export earnings in their foreign exchange on fears of dollar depreciation in the coming days, indicating that dollar supply is higher than demand in the market.
Due to these factors, the dollar depreciated throughout the trading period in the interbank market, and at the close of business, the dollar lost 20 paise to close at Rs 278.20.
Similarly, in the open currency market, the value of the dollar closed at the level of 279 rupees 50 paise with a decrease of 04 paise. It is noteworthy here that the Real Effective Exchange Rate Index has also increased to 104.5 points, which indicates the strengthening of the Pakistani rupee against the dollar.
It should be noted that the demand for foreign exchange is also being seen in the economy, in April, machinery imports increased by 151% and petroleum product imports increased by 11%, but during this time, the increasing exports of other sectors including IT are the reason for the stability of the value of the rupee.
