Karachi: With the certainty of a significant reduction in interest rates, the dollar continued to advance in both the foreign exchange markets due to increasing demand in the economy, especially import activities.
According to Express News, after the investment agreements of 2 billion 800 million dollars from Saudi Arabia, the reports of Qatar investing 3 billion dollars in various sectors of Pakistan and factors such as Asian Development Bank’s financing of 50 million dollars for Pakistan. Due to this, during the business period in the interbank market, the value of the dollar at one point decreased by 03 paisa to the level of 277 rupees and 67 paisa.
However, as soon as the supply improved, the interbank rate of the dollar closed at the level of 277 rupees 78 paise at the end of the business due to the increase of 08 paise.
Similarly, in the open currency market, the value of the dollar closed at the level of 278 rupees 71 paise with an increase of 09 paise.
It should be noted here that it is worth mentioning that for the fourteenth consecutive week, the government’s foreign exchange reserves have increased to the highest level of 31 months and in the early days of November, the inflow of remittances from overseas Pakistanis has also increased, due to which Rs. The value has stabilized against the dollar.
