Dollar falls further in interbank, open markets

Karachi: The downward trend in the value of the US dollar continues in both the interbank and open markets.

Positive developments such as China’s decision to extend the deferred repayment facility on a $1.8 billion loan for another two years in support of Pakistan’s IMF program, an increase in foreign investment in market treasury bills reaching $73.6 million, and the global decline in crude oil prices had a notable impact on both local foreign exchange markets on Wednesday.

Due to the weakening of the US dollar against major global currencies, the dollar remained under pressure throughout interbank trading. At one point, it dropped by 26 paisas to reach Rs283.50.

However, as supply improved and market forces responded with increased demand, the dollar recovered slightly, closing at Rs283.72—down 4 paisas from the previous day.

Similarly, in the open currency market, the dollar fell by 5 paisas, closing at Rs285.75.