Karachi: Despite the increase in global crude oil prices due to increased purchases by the US from the international market, the value of the rupee remained stable against the dollar in the interbank and open markets.
According to Express News, the dollar continued to depreciate in the interbank market throughout the trading session due to the expected relief for flood victims from the IMF and the World Bank, Saudi Arabia’s approval to build an oil refinery worth $10 billion in Gwadar, and Japan’s interest in investing in Reko Diq copper-gold mining.
At one point, the value of the dollar fell by 25 paise to Rs 281.45, but as supply improved and demand for imported needs increased, the value of the dollar closed unchanged at Rs 281.45 at the end of trading.
Similarly, the value of the dollar in the open currency market also closed unchanged at Rs 282.45.
The issuance of Panda Bonds and the acquisition of $750 million from a consortium of foreign banks to increase commercial lending, along with the planned issuance of an initial $250 million Panda Bond from the Chinese market, are influencing both foreign exchange markets, which has kept the value of the rupee stable.
The post Rupee stable against dollar in interbank and open market appeared first on Daily The Patriot.
