Karachi: The rupee strengthened against the dollar in the interbank foreign exchange market, while the dollar strengthened against the rupee in the open market.
The rupee strengthened against the dollar in the interbank market on Tuesday due to factors such as the possible improvement in the IMF assessment as a result of reforms in the economy and progress on the required conditions and the privatization strategy.
However, in contrast, the dollar strengthened against the rupee in the open market, which led to the open rate of the dollar exceeding Rs 281. In this way, the interbank and open markets were moving in opposite directions.
The interbank market ignored the strengthening of the dollar at the global level and the problems of external payments. The dollar continued to depreciate in the interbank market throughout the trading period, due to which the value of the dollar at one point fell by 24 paise to Rs 278.97.
However, due to the increase in foreign exchange demand in the economy during business hours, the dollar closed at Rs 279.16 at the end of business, down by 05 paisa, while in contrast, the dollar closed at Rs 281.04 in the open currency market, up by 05 paisa.
