Rupee strengthens further as dollar falls to Rs281.75 in interbank market

Karachi: Due to various factors, the Pakistani Rupee remained strong against the US Dollar for the 17th consecutive day in both foreign exchange markets on Monday.

The Rupee’s continued strength was supported by multiple developments, including the World Bank’s reported plan to prepare a 10-year concessional loan package worth $40 billion for Pakistan, the Asian Development Bank's $2 billion investment to upgrade the ML-1 railway project, and an increase in foreign exchange reserves held by the relevant regulator.

Improvement in the economy and supply chain, along with growing financing interest in Pakistan from international financial institutions — including a Japanese bank — also helped sustain positive market sentiment. Additionally, a prediction by international research firm Tracemark, forecasting the Dollar's value to fall to Rs280.60, appeared to hold true.

Throughout the trading session in the interbank market, the Dollar faced downward pressure, and at one point, its value fell by 17 paisas to Rs281.60.

However, as supply improved and import-related demand rose, the Dollar closed at Rs281.75 — a decrease of 2 paisas. In the open currency market as well, the Dollar declined by 3 paisas to close at Rs283.57.