Karachi: The rupee recorded a slight appreciation against the dollar in both the interbank and open markets.
According to media, the interest of five Chinese banks in Pakistan’s Panda Bonds and the possibility of deferred payments of $12 billion in loans owed by Pakistan to Saudi Arabia, China, and the UAE for one year contributed to the strengthening of the rupee in both foreign exchange markets.
Due to positive economic expectations, the dollar’s value experienced a decline throughout the trading period in the interbank market, at one point reaching a decrease of 24 paisas to 278.50 rupees.
Later, as supply increased and market forces responded to demand, the interbank rate for the dollar closed with an 8 paisa decrease, settling at 278.66 rupees.
Similarly, in the open currency market, the dollar’s value decreased by one paisa, closing at 280.49 rupees.
According to the State Bank, Pakistan has to make external payments amounting to $24.8 billion this year.
However, experts anticipate that with the cooperation of friendly countries and through multilateral and bilateral low-interest loans, the financial gap will be reduced.