Karachi:
The rupee weakened against the dollar in both foreign exchange markets on Thursday due to other factors, including tighter conditions for the second IMF tranche.
According to Express News, before the issuance of the second tranche of 1 billion 10 million dollars of the International Monetary Fund, other strict conditions, including bringing the foreign exchange to the equivalent of a 3-month import bill, the strengthening of the dollar against other major currencies globally and crude oil. Due to the upward trend in the price of oil, both the foreign exchange markets remained on a limited scale after the volatility in the value of the dollar on Thursday.
Due to factors such as investment agreements with the United Arab Emirates, Saudi Arabia and Russia and the continuous increase in government foreign exchange reserves, the value of the dollar fell by 15 paisa to 277 rupees 71 paisa during the business period in the interbank market. But as the supply improved, the demand for foreign exchange increased in the economy and the value of the dollar increased by 2 paise to Rs 277 and 94 paise at the close of business. Closed.
In the open currency market too, the value of the dollar increased by 11 paisa to close at the level of 278 rupees 91 paise.
Due to the expected reduction in interest rate by 2% in the middle of this month due to the reduction in inflation, there are fears of an increase in the demand for foreign exchange in the economy due to the indirect effects on the exchange rate, which will gradually increase the value of the dollar. can lead to
