The dollar became expensive by 8 paise in the interbank market and 14 paise in the open market
Rupee depreciates in open market—Photo: File
Karachi: On the last day of the business week, the dollar appreciated by 8 paise in the interbank market and by 14 paise in the open market.
Due to factors such as government foreign exchange reserves reaching a high level after one and a half years and 28% increase in remittances, the value of the dollar fluctuated throughout the business period in the interbank market, at one point the interbank rate of the dollar was 24 paise. The decrease was Rs 277 96 paise.
Later, the dollar increased by 15 paisa and reached the level of 278 35 paisa, but at the end of the business, the value of the dollar closed at the level of 278 12 paisa with a decrease of 8 paisa in the interbank market.
On the other hand, in the open currency market, the value of the dollar increased by 14 paisa and closed at the level of 279 rupees 25 paisa.
Expectations of investment agreements in the expected visit of the Saudi Crown Prince to Pakistan, forecasts of further reduction in the inflation rate in June and July also influenced the market activities.
The dollar became expensive by 8 paise in the interbank market and 14 paise in the open market