dollar
In Karachi on Wednesday, the rupee gained ground against the dollar in both the interbank and open currency markets.
Simultaneously, Pakistan’s dollar bonds reached a two-year peak following the IMF’s agreement regarding a potential issuance of $1.1 billion by April’s end, alongside an uptick in the real effective exchange rate index to 102.2 points. Despite these developments, the rupee continued its downward trend against the dollar in foreign exchange trading.
In February 2024, various factors, including a current account surplus of $128 million and foreign direct investment amounting to $14 million, momentarily drove the dollar’s value in the interbank market down by 45 paisa to 278 rupees and 18 paisa. However, due to sporadic demand from market forces, the interbank dollar rate closed at 278 rupees and 41 paisa by the end of the trading session, marking a decrease of 22 paisa. Similarly, in the open currency market, the dollar closed at 281 rupees and 12 paisa, dropping by 03 paisa.
With optimistic indicators such as anticipated loan deferment before June 2024 and a 2% rise in Roshan digital account inflows, it is anticipated that the rupee will further strengthen against the dollar in the near future.
