KARACHI: On Monday, the interbank rate of the dollar increased marginally, while the open rate decreased.
News of the government finalizing a $1 billion post-maturity payment of Eurobonds, the International Monetary Fund’s board approving a $1.1 billion tranche in mid-April, and the International Finance Corporation’s PTC The rupee remained stable against the dollar on Monday due to factors such as approval of a $400 million loan to LCO to buy Telenor.
Due to import demand, the interbank rate of dollar increased marginally, while on the contrary, the open rate decreased. High global crude oil prices from the Middle East crisis, increase in import bill size, pressure on Umrah pilgrims and import payments continued to influence the interbank market.
During the business period, the value of the dollar in the interbank market had decreased by 36 paise to Rs 277 56 paise at one point, but as the supply increased, the demand of the market forces led to an increase of 02 paise to Rs 277 at the end of the business. On the contrary, the value of the dollar in the open currency market closed at the level of 279 rupees 58 paise with a decrease of 7 paise.
The dollar is seen weakening against the rupee on expectations that the final $1.1 billion tranche of the ongoing program under the Staff Level Agreement will be approved by the IMF board in mid-April.
