Karachi: The rupee appreciated against the dollar in both the interbank and open foreign exchange markets.

According to Express News, the rupee strengthened against the dollar in both the foreign exchange markets on Friday on the hope of reaching a staff-level agreement with the IMF for the next tranche in the event of strong government foreign exchange reserves, control of inflation, reduction in the volume of external debts and coverage of flood losses and external account issues.

The dollar suffered a decline throughout the trading period in the interbank market due to factors such as the promotion of power projects between the Sindh government and Saudi Arabia, the signing of two energy and investment agreements related to attracting investment.

At one point, the dollar had fallen by 17 paise to 281.03 rupees, but due to increased demand in the economy, the dollar closed at 281.17 rupees by 03 paise at the end of trading.

In the open currency market, the dollar also closed at Rs 282.20, down 5 paise.

In September, remittances from overseas Pakistanis increased by 11.3 percent to $3.2 billion, continued growth in foreign exchange reserves, hopes of inflows from other sectors including Reko Diq, and good sentiments also influenced the foreign exchange markets.