KARACHI: The rupee strengthened against the dollar in both currency exchange markets.
Both the foreign exchange markets were also buoyant on Friday due to the Finance Minister’s announcement of immediate approach to the IMF for another big loan package, encouraging forecasts of macroeconomic stability, growth in the agricultural sector and lower inflation in the future. The rupee continued to depreciate against the dollar and after 5 and a half months, the interbank rate of the dollar fell below 278 rupees.
The supply of dollars is better than the demand in the market due to the news of investment plans from the Middle East and Gulf countries on a sectoral basis after Eid-ul-Fitr, with exchange companies supplying the government with 30 crore dollars per month.
On Friday, during the trading period in the interbank market, the value of the dollar fell by 23 paisa to the level of 277 rupees 80 paisa, but with the improvement in supply, the demand in the market led to the end of the business of the dollar in the interbank market. The value closed down by 08 paise at Rs 277.95.
Similarly, in the open currency market, the value of the dollar further decreased by 14 paise and closed at the level of 27 paisa at 280 rupees. Due to the phased decline in the value of the dollar and the continuous supply of 2 billion dollars by the exchange companies for 6 months, the rupee is gradually weakening against the dollar.
