Karachi: The rupee strengthened against the dollar in the interbank market on the improvement in Pakistan’s credit rating by the international agency Fitch, while the dollar appreciated only slightly in the open market.
After receiving a record remittance of $4.1 billion in March from overseas Pakistanis, the hopes of further increase in remittances in the coming months, Pakistan’s effective implementation of the IMF program, expectations of improvement in foreign exchange reserves due to effective policies, and predictions of averting the risks of default, the rupee strengthened once again against the dollar in the interbank market on Tuesday.
On the contrary, the dollar appreciated only slightly in the open currency market. In this way, the interbank and open markets continued to move in opposite directions.
Since the beginning of business in the interbank market, reports of an improvement in Pakistan’s credit rating by the global rating agency Fitch have been circulating, which at one point caused the dollar’s interbank rate to fall by 25 paisa to Rs 280.35.
However, due to intermittent import demand, the dollar could not decline significantly, as a result of which the dollar closed at Rs 280.56 in the interbank market by a decrease of 04 paisa.
On the contrary, in the open currency market, the dollar closed at Rs 282.09 due to demand from Hajj pilgrims and students studying in foreign universities.
