Karachi: The rupee strengthened against the dollar once again in both foreign exchange markets on Friday on the back of improved swap transactions in the new year, the completion of the repayment of principal loans and the start of the process of redeeming dollars by exporters at good prices.
The dollar value at one point fell by 28 paisa to Rs 278.36 during the trading session in the interbank market on news of possible financial support for Pakistan from the World Bank and the Asian Development Bank.
In the closing moments, due to increased demand in the economy, the dollar value at one point rose by 06 paisa to Rs 278.70, but at the end of the business, the dollar value closed at Rs 278.56 after a decrease of 08 paisa, while in the open currency market, the dollar value closed at Rs 279.85 after a decrease of 05 paisa.
According to Zafar Paracha, Secretary General of the Exchange Companies Association, exchange companies are playing their role in the development of the economy and stabilizing the country’s foreign exchange reserves.
He said that during the year 2024, a total of $7 billion worth of foreign exchange was handled and during this period, exchange companies provided $3.85 billion to the interbank market while $3.15 billion was transacted in the open currency market, which includes services for Hajj and Umrah pilgrims, as well as those traveling to foreign countries, medical treatment and payment of fees at foreign universities.
