Karachi: The rupee strengthened against the dollar for the 30th day in the interbank market on Wednesday due to the commitments of $5.5 billion financing for the Reko Diq project from international financial institutions, the agreement between Poland and Pakistan to increase investment in the oil and gas sector by $100 million through the efforts of SIFC, and expectations of increasing domestic inflows. However, in contrast, the dollar remained stable at its old value for the second consecutive day in the open currency market.
Due to the circulation of positive news such as the interest rate remaining stable at 11% in the monetary policy, increasing foreign exchange reserves, and China’s possible financing of $2 billion in CPEC projects, the dollar continued to depreciate in the interbank market for most of the trading period, due to which the value of the dollar fell by 24 paisa to Rs. 281.27 at one point.
But due to demand from other sectors including the relevant regulator, the dollar had risen by 04 paisa to Rs 281.55 at one point before the close of business, but at the close of business, the dollar closed down by just one paisa at Rs 281.50.
In contrast, the dollar remained unchanged at Rs 283.55 in the open currency market. The weakening of the dollar against major currencies globally and expectations of a possible increase in remittances to Pakistan continued to influence the interbank market.
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