The dollar appreciated in the interbank and open market

Karachi: The value of the dollar remained stable against the rupee in the interbank market on Monday due to the apprehension of the approval of the last installment of $1.1 billion for Pakistan in the IMF board meeting and concerns about remaining tight in monetary policy until the next program is achieved. The dollar appreciated slightly.

At the close of business in the interbank market, the interbank rate of the dollar closed at the level of 278 39 paise with an increase of only 01 paise, similarly the value of the dollar closed at the level of 279 68 paise with an increase of 09 paise in the open currency market.

Experts say that due to the current account surplus in March, reduction in inflation rate, the value of the dollar in the interbank market is likely to remain stable between 278 and 279 rupees until June or July. And after the announcement of the new federal budget, the value of the Pakistani rupee against the dollar will determine the new direction.

The fresh inflows are likely to increase the supply of dollars in the foreign exchange markets by the end of July, leading to a weakening of the rupee against the dollar.