In both the Zirmar and Doller markets in Karachi, the rupee remained strong against the dollar, causing the open rate of the dollar to fall below 287 rupees. According to Express News, factors such as the extension of a 1-year deposit of 3 billion dollars for Pakistan by Saudi Arabia, and contracts worth billions of dollars for investment in Pakistan by Kuwait, are contributing to the strengthening of the rupee against the dollar.
During the business day on Thursday, the value of the dollar in the interbank market initially decreased to 284.60 rupees due to a decrease of 79 paise, but at the end of the business, the dollar’s value decreased to 285.16 rupees due to a 23 paise decrease.
After a two-day break, the opening currency market also saw a decrease in the value of the dollar by 50 paise to 286.50 rupees. Experts say that due to positive sentiments, the interbank rate of the dollar is hovering around 285 rupees, and with increasing confidence in the economy and the important role of the army chief in the IMF program, positive expectations have also increased in the commercial and industrial sectors.
For this reason, there is an increasing interest in foreign investment in the local stock market, and in the coming months, expectations of an increase in the volume of foreign investment are gradually causing the rupee to strengthen against the dollar in exchange rates.