The rupee has appreciated against the dollar in both the interbank and open markets due to several reasons.
According to Express News, the rupee has been strengthening against the dollar in both the foreign exchange markets due to expectations of increased remittances from the migration of 2.9 million professionals and skilled workers from Pakistan to foreign countries, a forecast of $8 billion in income from investment in Reko Diq, Thar Coal projects and mining by 2030, and the hope that the historic defense agreement with Saudi Arabia will have far-reaching positive results on the economy.
The dollar has been experiencing a decline in the interbank market throughout the trading period due to the receipt of a new export order of $44 million by a Pakistani company and expectations that the next tranche of the IMF will be approved after most of the conditions are met.
At one point, the dollar fell by 25 paise to Rs 281.25, but as supply improved, market forces created demand, and the dollar closed at Rs 281.46 by the end of trading.
In the open currency market, the dollar also fell by five paise to Rs 282.50.
The interest rate remained stable at 11 percent, the rising foreign exchange reserves, and the crackdown on elements involved in illegal foreign exchange activities also affected both the foreign exchange markets.
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