Karachi: After Pakistan received the Saudi fund, the value of the dollar has started to decrease in the interbank market.
According to market sources, the State Bank received a deposit of $2 billion from Saudi Arabia, the improvement in Pakistan’s rating and the approval of the IMF’s documented strategy to close Pakistan’s external financing gap led to dollar gains in both foreign exchange markets. Advances stalled, with the dollar’s interbank rate falling below Rs 279, while the open rate also fell to Rs 282.
Also read this news: Saudi Arabia deposited 2 billion dollars in State Bank
The dollar continued to advance in early inter-bank trading due to the opening of import LCs for industrial raw materials and other key commodities after government approval and demand for payments for 6,000 containers at ports, which at one point pushed the dollar higher. The value increased by 1.20 rupees to 281 rupees, but in the meantime, the announcement of the finance minister receiving 2 billion dollars from Saudi Arabia forced the dollar to reverse gear and the interbank rate of the dollar began to decline.
At one point on Tuesday, the value of the dollar had decreased by 1.86 rupees to 277.94 rupees, but at the end of the business, the value of the dollar decreased by 1.24 rupees to 278.56 rupees and closed at the level of 278.56 rupees in the open currency market. The value of the dollar also decreased by one rupee to close at the level of 282 rupees.
Also read: The dollar once again began to weaken against the rupee
Experts say that after the IMF Executive Board approves the release of the required tranche of loans, other friendly countries and international financial institutions will be able to release the loans to Pakistan that were subject to the restoration of the IMF program. With the arrival of inflows in the country, there are chances of further strengthening of the rupee against the dollar. The value of the dollar has started to decrease against the rupee due to the transfer of 2 billion dollars of funds from Saudi Arabia to the State Bank.
It should be noted that yesterday, on the first day of the business week, the value of the dollar in the interbank market closed at the level of 279.80 rupees with an increase of 1 rupee 91 paise, while the price of the dollar in the open market also increased by 1 rupee to the level of 283 rupees. , after which the value of the dollar has started to decrease again today.
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