Rupee under pressure as dollar gains in both markets

(Web Desk): The US dollar remained strong against the Pakistani rupee in both foreign exchange markets, pushing its value up to Rs287 in the open market.

The strengthening of the dollar globally against major currencies, upcoming external debt payments in the new fiscal year, and increasing future import requirements — along with reported regulatory interventions — all contributed to the dollar’s continued rise against the rupee on Wednesday.

Despite positive developments such as a 7.9% increase in remittances in June to $3.4 billion, the government’s $1 billion syndicated loan agreement with Dubai Islamic Bank, and efforts to introduce Panda Bonds, the market largely ignored these factors.

In the interbank market, the dollar at one point dropped by 16 paisas to Rs284.20 during trading. However, due to rising import-related demand, it later closed at Rs284.46, up by 10 paisas. Similarly, in the open market, the dollar rose by 16 paisas to close at Rs287.