Karachi: On the last day of the business week, the interbank market saw the dollar fall below 285 rupees.
Initiatives from the government to increase foreign remittances, an increase in official reserves of foreign exchange, and improvements in supply led to a strong position for the rupee against the dollar in both the interbank and open markets on Friday.
On the final day of the business week, the interbank rate for the dollar fell below 285 rupees, while the open rate also dropped to 286 rupees. During the business day, the value of the dollar in the interbank market had dropped to 284.50 rupees at one point, but pressure from foreign companies to send profits to their headquarters, along with better receipts, led to the dollar’s value closing at 284.96 rupees in the interbank market.
Similarly, in the open currency market, the value of the dollar dropped by 50 paise to close at 286 rupees.
Experts have suggested that the higher-than-targeted tax collections by the IMF’s program for the FBR could indicate that there will be no new mini budget in the country. This indicates that the rupee will receive direct support, while the deposit of 3 billion dollars from Saudi Arabia and the hope for future inflows of billions of dollars from investment agreements with Gulf countries could lead to a stable value for the rupee compared to the dollar in the coming months.