The US dollar (USD) on Friday appreciated in the interbank market, rising by 25 paisa to close at Rs153.55.
A day earlier, the dollar appreciated by 34 paisas in the interbank market closing at Rs 153.10 for buying and Rs153.20 for selling.
The rupee had recently strengthened against the dollar following the inflows from the Asian Development Bank (ADB) and the International Monetary Fund (IMF).
According to the Pakistan Forex Association (PFA), the dollar went up in the interbank market as there was little demand for the currency from importers.
Market sources are expecting that dollar might stabilise around Rs 150 with the PKR continuing to gain ground amid an increase in foreign exchange reserves.
In a single month, the US dollar shed almost Rs 6—Rs 5.45—to be exact, in the interbank market. On March 1, the dollar was being traded at Rs 158.4 (selling) and Rs 157.9 (buying), whereas on March 31, the dollar after considerable decline was sold at Rs 152.95 while the buying rate was 152.45 in the interbank market.
Market analysts think the dollar will go down further, in the light of the newly-released $500m tranche by the International Monetary Fund (IMF) and the inflow of money through Roshan Digital Accounts will help the rupee on its upward flight. On April 2, the State Bank of Pakistan, in a notice at the Pakistan Stock Exchange, announced that Pakistani banks received $212 million through Roshan Digital Accounts March, taking the total remittances received since September 2020 to $805 million.
