Karachi: The rupee strengthened against the dollar in the interbank market on Wednesday, while the dollar remained unchanged in the open currency market.
Kuwait’s extension of oil imports for Pakistan for 2 years on deferred payments, global rating agency Fitch acknowledging the economic stability and upgrading the long-term credit rating of the foreign currency after a gap of 6 years and declaring the outlook stable, on expectations that the external financial gap problems faced by Pakistan will decrease, the rupee strengthened against the dollar in the interbank market on Wednesday as well, however, on the contrary, the dollar remained unchanged in the open currency market.
After receiving a record remittance of $4.1 billion in March from overseas Pakistanis, the dollar continued to depreciate throughout the trading session in the interbank market on hopes of further growth in the coming months, at one point dropping 36 paisa to Rs 280.20.
However, due to increased import demand, the dollar closed at Rs 280.46 by the end of the session, down 10 paisa, while in the open currency market, the dollar remained unchanged at Rs 282.09.
