The dollar depreciated by Rs 1.41 in the interbank market and by Rs 2 in the open currency market
Karachi: The dollar continued to depreciate for the second day on Tuesday in both foreign exchange markets based on positive developments and expectations on the economic front. Due to which the inter-bank rate of the dollar fell below 278 rupees, while the open rate also decreased to the level of 281 rupees.
The rupee has been depreciating against the dollar since the start of trading as the IMF board meeting was held on Tuesday to approve Pakistan’s $3 billion short-term bailout package and the approval of the package was confirmed.
Due to which, during the initial period of business in the interbank market, the value of the dollar fell from 1 rupee 41 paise to 277 rupees 15 paise. At the close of business, the dollar fell by Rs 1.9 paise to close at Rs 277.47 paise in the inter-bank market.
Similarly, in the open market, due to lack of demand in the initial hours, although there was a decrease of 2 rupees, but as the demand increased in the closing moments, the open rate of the dollar closed at the level of 281 rupees with a decrease of 1 rupee.
After the formal approval of the bailout package from the IMF, the provision of financial facilities will also begin from friendly countries and international financial institutions that had conditioned their financing on the restoration of the IMF program.
Deposits of 2 billion dollars have been received from Saudi Arabia yesterday and in the coming days, there are bright possibilities of inflows in the form of investments along with the financial facility, which can cause the stability of the rupee.
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