Dollar down to Rs281.35 in interbank market

Karachi: Due to factors such as new investment strategies, the US dollar continued to decline in the interbank market on Monday, while it remained stable in the open market.

The assignment of new foreign investment agreements in Reko Diq projects to the Economic Coordination Committee (ECC)—with expected annual inflows of $2–3 billion—and Saudi Arabia's support through the SIFC (Special Investment Facilitation Council) for investment in Pakistan’s energy and minerals sectors contributed to the dollar's downward trend in the interbank market.

Additionally, the potential drop in global oil prices, following OPEC member countries' indication to increase daily oil supply by 137,000 barrels, along with the start of negotiations with the IMF, expectations of receiving the next $1 billion loan tranche, and success in securing $1.3 billion in climate financing, also influenced the dollar's decline. At one point, the dollar dropped by 18 paisas to Rs281.35 in the interbank market.

However, as supply improved and demand for import payments increased, the dollar closed at Rs281.35, reflecting a net decline of 2 paisas by the end of the trading day.

In contrast, the open currency market saw no change, with the dollar holding steady at Rs282.40.

Continuous increases in official foreign exchange reserves, availability of forex for imports in the coming months, and expectations of new investment inflows in several sectors are helping to keep the Pakistani rupee stable and strong against the dollar.