The rupee depreciated against the dollar in the interbank market

Karachi: The dollar appreciated marginally against the rupee in the interbank market.

During the interbank market, the value of the dollar fell by 7 paise to Rs 278 10 paise and later increased by 15 paise to Rs 278 27 paisa.

Later, due to the pressure of financial gap of 23 billion dollars, market forces and demand in the economy, the value of the dollar closed at the level of 278 19 paise with a limited increase of 07 paisa at the end of business in the interbank market.

On the contrary, in the open currency market, the value of the dollar decreased by 35 paisa to close at the level of 279 rupees 55 paisa.

28% increase in remittances of Pakistanis living abroad, decrease in inflation rate, official foreign exchange reserves exceeding 9 billion dollars after one and a half years are also supporting the rupee.

The dollar has been hovering around Rs 278 and Rs 278 48 paise since April 1 in the interbank market, after hitting a low of Rs 277 93 paise.

According to research firm Tracemark, the dollar interbank rate is likely to remain stable around the current level until June 2024.