Karachi: Saudi Arabia’s $2 billion and World Bank’s $450 million financing supported the rupee, while the dollar again went on the back foot.
With the support of friendly countries and international financial institutions, the expectation that the official foreign exchange reserves will reach 10 billion dollars by the end of June 2023 and the possibility of restoring the loan program as soon as all the required conditions of the IMF are fulfilled, there is hope in both the foreign exchange markets on Thursday. , and the rupee once again headed towards stability.
The dollar remained on the back foot throughout the trading period in the interbank market due to which at one point the dollar interbank rate dropped by Rs 3.85 to the level of Rs 284. The increase closed at Rs 284.42, while the dollar closed at Rs 294.50 with a decrease of Rs 1 in the open currency market.
Experts say that more interest in power acquisition than economic recovery on the political horizon has devalued the rupee against the dollar, now that all the IMF’s key conditions are being met, resulting in a loan program. There has been hope of recovery and at the same time the path of new inflows into the country is seen to be smooth, there is hope of improvement in the economy, which has created the possibility of improvement in the value of the rupee.
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