Karachi: The value of the dollar fell in the interbank foreign exchange market, while the value of the US currency increased in the open market.
The new US President-elect’s increase in tariffs on imports from China, Russia and other countries led to a decline in the global price of crude oil, foreign direct investment increased by 20 percent in the first half of this year to exceed $1.32 billion, and the crackdown on foreign currency smuggling by relevant agencies. The rupee strengthened against the dollar once again in the interbank market on Friday, while the open rate of the dollar continued to increase.
The dollar fell by 16 paisa to Rs. 278.81 during the trading session in the interbank market due to reports of broad-based sectoral investment interest of American investors in Pakistan, and Saudi investors’ interest in investing in the dollar in the Reko Diq and mining sectors.
Later, as supply increased, market forces led to demand, and the dollar closed at Rs 278.94, down 3 paisa, at the end of trading. In contrast, due to the balance between supply and demand in the open currency market, the dollar closed at Rs 280.83, up just 1 paisa.
