Rupee slips as dollar closes higher in interbank and open markets

Karachi: The continued decline in remittance inflows, along with concerns over reduced supply and increased domestic demand due to falling interest rates and import-driven consumption, led to sustained upward movement of the dollar in both foreign exchange markets.

In the early hours of trading in the interbank market, the dollar initially depreciated, at one point dropping by 10 paisas to reach Rs281.86. However, due to pressure from the opening of new import letters of credit and the rising trend in global crude oil prices, the dollar began to climb again in the closing moments of the session.

As a result, by the end of trading, the dollar had appreciated by 10 paisas and closed at Rs282.06.

In the open currency market, demand for dollars from students studying abroad, Hajj pilgrims, and tourists also pushed the dollar up by 15 paisas, closing at Rs284.15.