KARACHI: After a one-day break in the interbank market, the rupee weakened again against the dollar on Friday due to factors such as improved supply from new inflows, government foreign exchange reserves reaching a two-and-a-half-year high of $10.7 billion.
Following the approval of the IMF program, new avenues for foreign investment in Pakistan and predictions of a significant decline in the value of the dollar in the coming days continued to depreciate the dollar in the interbank market throughout the trading period.
At one point, the value of the dollar decreased by 31 paise to 277 rupees 43 paise, but as a result of increasing pressure of foreign exchange demand and import needs in the economy, the interbank rate of the dollar decreased by 23 paise to 277 rupees at the end of business. 51 closed at the penny level.
Similarly, in the open currency market, the value of the dollar closed at the level of 279 rupees 84 paise with a decrease of 02 paise.
