Despite IMF inflow, dollar inches up in interbank and open markets

Karachi: The preparation of the new federal budget based on an exchange rate of Rs290 per US dollar, the rising volume of Pakistan's debt obligations, and the global uptrend in crude oil prices continued to drive the appreciation of the dollar in both foreign exchange markets on Wednesday.

Despite the receipt of a $1.023 billion tranche from the International Monetary Fund (IMF) and the resulting positive sentiment, the increase in the dollar’s value remained limited in both markets.

During the trading session in the interbank market, the dollar at one point fell by 15 paisas, reaching Rs281.52. However, due to a rise in import-related demand in the economy, the dollar began to strengthen again in the afternoon.

By the end of the trading day, the dollar closed at Rs281.71, reflecting a modest increase of 4 paisas.

In the open currency market, the dollar also rose by a limited 3 paisas, closing at Rs283.72.