Karachi: With the dollar again on the back foot against the rupee, the interbank rate fell by 62 paise.
The dollar continued to depreciate throughout the trading day in the interbank market on Wednesday, which at one point fell by 86 paise to Rs 261.65, but the dollar fluctuated due to intermittent demand. .
At the close of business, the interbank rate of the dollar closed at the level of 261.89 rupees with a decrease of 62 paise, on the contrary, the value of the dollar closed at the level of 269 rupees without any change in the open currency market.
Experts say that the approval of $700 million commercial loans by the Board of China Development Bank for Pakistan and the reports of Pakistan’s large-value debt rollover have brought down the dollar.
Experts say that the Finance Minister has stated that the loan of 70 million dollars approved by the Chinese Bank will be received by Pakistan this week itself, which is likely to increase Pakistan’s foreign exchange this week as well.
On the other hand, due to remittances of export earnings by exporters and non-opening of import LCs, supply has increased in the market compared to demand, which has led to the depreciation of the dollar.
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