Karachi: Due to factors such as the definite approval of the $700 million tranche in the IMF Executive Board meeting and the downward trend in global crude oil prices, the rupee continued to depreciate against the dollar in both foreign exchange markets on Thursday, leaving the open rate of the dollar open for a long time. After 282 came below Rs.
In December, the inflow of remittances through legal channels increased by 5.4% to reach 2.40 billion, Saudi Arabia’s possible investment in Rekodic project and forward selling of dollars by exporters also led to improvement in supply in the foreign exchange markets.
Due to improvement in supply, at one point during the business period, the interbank rate of the dollar fell by 17 paise to Rs 280 to Rs 95 paise, but demand for import payments and market forces from buying activities in the interbank market at the close of business. The dollar lost just 1 paise to close at Rs 281 by 11 paise.
Similarly, in the open currency market, due to the reduction in the fees of Umrah pilgrims and students studying abroad and the demand of medical nature and better supply compared to the demand, the value of the dollar decreased by 24 paisa to close at the level of 281 rupees 94 paisa.
Experts say that after the positive economic indicators and the issue of the installment from the IMF, although the rupee seems to be stable around 281 against the dollar, but now in the form of more inflows from the World Bank, Asian Development Bank and Asian Infrastructural Investment Bank. The direction of further depreciation of the dollar will be determined. Possible fresh inflows are likely to depreciate the dollar further.
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