KARACHI: The rupee ended slightly higher on Tuesday due to better availability of dollars from export proceeds and remittances, dealers said.
In the interbank market, the rupee closed at 277.84 to the dollar, compared with Monday’s closing value of 277.94. It increased by 0.04 percent during the session. The rupee also gained in the open market. The currency was trading at 280.04 per dollar, up from 280.20 in the previous session.
Dealers said the rupee kept appreciating progressively amid dollar selling by exporters. Remittances from Pakistani citizens working overseas are also increasing as a result of the holy month of Ramazan.
"With just almost a week until the festival of Eid ul Fitr, an increasing number of Pakistanis living abroad are sending money to their families back home, helping the local currency," said a currency dealer.
The rupee is unlikely to experience a major fluctuation and is expected to trade in the 290–301 range versus the US dollar by the end of December as market participants anticipate that Pakistan will secure a fresh bailout from the International Monetary Fund as soon as June.
A staff level agreement with the International Monetary Fund for a new loan programme is anticipated to be reached by the end of the fiscal year, according to Finance Minister Muhammad Aurangzeb, who also noted that no formal discussions have yet taken place with the Fund.
The finance minister stated that specifics of the deal would be reviewed at the spring meetings and that he would be leading a group to Washington around April 14 to 15.
China's President Xi Jinping applauds during the opening ceremony of the Forum on China-Africa Cooperation in...
This photograph shows the logo of US multinational technology conglomerate Meta, taken on May 22, 2022. —...
This is a representational image of a person holding gold chains. — AFP/FileKARACHI: Gold prices decreased by...
An employee working at a textile factory in Pakistan's port city of Karachi, on April 7, 2011. — AFPLAHORE: There is...
People shop at a crowded market ahead of Diwali, the Hindu festival of lights, in the old quarters of Delhi, India on...
Roblox Corp Chief Executive Officer and Co-Founder Dave Baszucki seen in this image. — X/@DavidBaszucki/FileRoblox...