KARACHI: The value of dollar, pound, euro and riyal decreased in the interbank market last week, while the value of these currencies increased in the open market.
The dollar depreciated in the interbank on news of Pakistan’s response to the Letter of Intent to the IMF and the seventh and eighth joint reviews under the Extended Fund Facility for Pakistan at the IMF Executive Board meeting on August 29.
In the weekly business, the dollar’s interbank rate fell below Rs 215 after fluctuations, while on the contrary, the open rate of the dollar rose to Rs 218.
Similarly, the interbank rate of the British pound decreased by Rs 6.43 to Rs 255.86, while the value of the British pound increased by Rs 2 to Rs 262 in the open market.
The value of euro currency decreased by Rs 5.14 to Rs 216.66 in the interbank market, while the value of euro increased by Rs 1 to Rs 220 in the open market.
The value of riyal in the interbank market decreased by 21 paise to 57.15 rupees, while the value of the riyal remained unchanged at 56.70 rupees in the open market.
The rupee strengthened in the interbank market due to the confirmation of the installment from the IMF this month. The pressure of external payments also increased the value of the dollar in some business sessions. happened
The government’s measures to make the remittances of overseas Pakistanis come through the legal channel equalized the demand and supply of foreign exchange in the interbank, while the rollover of three billion dollars of Saudi Arabia’s debt and the increase in Pakistan’s payment capacity weakened the rupee.
The IMF’s meeting with the Saudi authorities for another $2.8 billion loan boosted confidence, while the rupee strengthened in the interbank exchange amid expectations that the import bill would fall further due to lower global prices of crude oil and other commodities.
