Rupee gains slightly in interbank as dollar falls to Rs281.30

Karachi: In the interbank market, the US dollar recorded a decline against the Pakistani rupee, while no change was observed in the open market.

Several factors contributed to the rupee's strengthening in the interbank market. These include the expected inflow of an additional $2 billion in remittances from overseas Pakistanis belonging to flood-affected districts, the government’s plan to issue global bonds worth $400 million, and a decline in global crude oil prices, which is likely to reduce the country’s import bill.

On Wednesday, the dollar remained under pressure throughout the day in the interbank market. At one point, it dropped by 26 paisas, reaching a level of Rs281.05. However, due to an increase in supply followed by import-related demand, the dollar closed at Rs281.30, registering a net decline of only one paisa by the end of trading.

On the other hand, the open currency market saw no change, with the dollar holding steady at Rs282.35.

Additionally, the government's successful payment of $500 million to 10-year Eurobond investors, along with reports of macroeconomic stability despite recent floods, have also contributed to the stability of the rupee.