Dollar weakens further as rupee gains in interbank, open markets

KARACHI (Dunya News) – The Pakistani rupee continued to strengthen against the US dollar on Friday, with both interbank and open markets recording further declines in the dollar’s value.

Experts said that rising foreign exchange reserves, which hit $21.2 billion—the highest in 45 months—along with $1.606 billion in official reserves and a 12.6 percent increase in remittances in December, played a key role in boosting the rupee.

Inflows from the exploration sector, estimated $3 billion annual revenue from the Reko Diq project, and multi-billion-dollar defense export deals also influenced the currency markets.
In the interbank market, the dollar dropped throughout trading hours. At one point, it fell by 28 paisas to Rs279.77.

However, with improved supply and renewed market demand, the dollar finally closed at Rs280.02, down 3 paisas.

Similarly, in the open market, the dollar’s value decreased by 5 paisas, closing at Rs281.05. Analysts said that continued foreign inflows and positive economic indicators are keeping the rupee on a firm footing.