ISLAMABAD: The US dollar has depreciated against the rupee in both the open market and interbank trading.
According to the Exchange Companies Association of Pakistan (ECAP), the dollar has decreased by 12 paise in the open market, now trading at Rs 280.90. Meanwhile, the State Bank reports that the dollar has also fallen in the interbank market, with a decline of 3 paise, closing at Rs 278.82.
Rupee gains as dollar eases in interbank
The foreign exchange market in the country experienced a slight improvement on Friday, with the US dollar closing at Rs 279.17 per dollar in the interbank market, a decrease of 3 paise.
According to data released by the State Bank, the rupee showed a slight strengthening by the end of the business day, which experts are interpreting as a cautious signal of stability in the currency market.
Financial analysts suggest that this minor decline in the dollar’s value may be related to reduced pressure from import payments and an improvement in foreign exchange reserves; however, the overall situation still necessitates caution.
Conversely, business circles believe that the stability of the rupee could help alleviate inflationary pressures and is expected to positively influence the prices of imported goods.
