KARACHI: The stabilization of the rupee against the dollar continued today and an increase in the value of the rupee was seen in both the foreign exchange markets.
Positive sentiments and confidence in the economy boosted portfolio investment by foreigners, short-term investment increased by 84% to reach a two-and-a-half-year high, and inflows increased due to the expansion of the scope of privatization by the Prime Minister. In both markets, the rupee continued to weaken against the dollar on Tuesday.
Despite tensions on the political horizon, the dollar continued to depreciate throughout the interbank market as negotiations with the IMF for a new bailout package continued on track.
At one point, the interbank rate of the dollar had decreased by 14 paise to Rs. 278.05 paise, but due to intermittent demand in the economy, the value of the dollar closed at the level of Rs. 278.18 paisa by the decrease of only 1 paise in the interbank market at the end of the business. . Similarly, in the open currency market, the value of the dollar closed down by 5 paisa at the level of 279 rupees 50 paisa.
Experts say that the interbank rate of the dollar seems to be stabilizing around 278 rupees as the government’s foreign exchange reserves have crossed 9 billion dollars and the government’s strict implementation of all the conditions to get a new bailout package from the IMF. Rupee is supported by expectations of
