Dollar falls in interbank market against Rupee

KARACHI: The rupee continued to strengthen against the dollar in the interbank market on Monday.

Saudi Arabia’s rollover of $5 billion deposits for Pakistan and providing $1 billion oil financing facility remain a key factor in the rupee’s strength.

Due to the increase in remittances and the $110 million surplus due to the current account deficit in September, the dollar continued to depreciate throughout the trading period in the interbank market, which at one point even brought the dollar down by 21 paisa to Rs 280.80.

However, as supply improved, the import demand increased, and the dollar closed at the end of trading at Rs 281, down by one paisa, while in the open currency market, the dollar closed unchanged at Rs 282.05.