In Karachi, both foreign exchange markets witnessed a rise in the value of the rupee against the dollar on Thursday. The appreciation was attributed to several factors including subdued economic demand, a reduction in the financial gap due to recent loan agreements with international financial institutions, and a decline in trade and current account deficits. Consequently, the rupee’s value continued to strengthen against the dollar in both foreign exchange markets.
By the close of the trading session, the dollar’s interbank rate fell by 12 paise to reach Rs 282.78. Likewise, despite an uptick in demand from Umrah pilgrims in the open currency market, the dollar saw a decrease of 25 paisa, settling at 284 rupees and 25 paisa.
The approval of substantial loans totaling $1.055 billion from the Asian Development Bank and the World Bank, alongside the potential approval of a $700 million tranche from the IMF in January, contributed to the rupee maintaining its robust position against the dollar.