Karachi:
The rupee recorded an improvement in its value against the dollar in both the interbank and open foreign exchange markets.
According to Express News, the rupee strengthened against the dollar in both foreign exchange markets on Friday on hopes of reaching a staff-level agreement with the IMF for the next tranche if strong government foreign exchange reserves, inflation control, reduction in external debt, and flood losses and external account issues are covered.
The dollar continued to depreciate throughout the trading period in the interbank market due to factors such as the signing of two energy and investment agreements between the Sindh government and Saudi Arabia to promote power projects and attract investment.
At one point, the value of the dollar had fallen by 17 paise to Rs. 281.03, but due to increased demand in the economy, the value of the dollar closed at Rs. 281.17 by the end of trading, down by 3 paise.
In the open currency market, the dollar also closed at Rs 282.20, down 5 paise.
Remittances from overseas Pakistanis increased by 11.3% in September to $3.2 billion, continued growth in foreign exchange reserves, hopes of inflows from other sectors including Reko Diq, and good sentiments also influenced the foreign exchange markets.
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