Karachi: The rupee continued to strengthen against the dollar in the interbank market for the 29th day on Tuesday due to the rate being kept stable in the third consecutive monetary policy and the increasing foreign exchange reserves for two weeks. However, in contrast, the dollar remained stable in the open market.
Due to factors such as reports that there was no major damage to the economy despite the disruption in supply chains due to the floods and the possible approval of $2 billion financing from China for CPEC projects at the request of the government, the dollar continued to depreciate throughout the trading period in the interbank market, due to which the dollar value fell by 22 paisa to Rs 281.30 at one point. However, due to demand from other sectors including the relevant regulator, the dollar value closed at Rs 281.51 at the end of the trading session, down by one paisa. In contrast, the dollar value in the open currency market remained stable at Rs 283.55 without any change.
News of the dollar weakening against major global currencies, a possible increase in remittances following the floods in Pakistan, and global trading activity in Pakistani bonds rising to a four-year high continued to influence the interbank market.
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