Rupee strengthens against dollar in both foreign exchange markets

KARACHI: The rupee continued to strengthen against the dollar in both foreign exchange markets on Tuesday as concerns of a delay in the release of the $1.2 billion staff-level agreement with the International Monetary Fund (IMF) were lifted.

IMF officials did not impose any new taxes, and the prospect of more foreign investment in the country became clearer.

The introduction of Pakistan’s new Panda bonds in the Chinese market, and the arrival of an additional $196 million inflow into the Roshan Digital Account in September, caused the dollar to depreciate throughout the trading period in the interbank market, which at one point saw the dollar fall by 30 paise to Rs. 280.85.

But due to increased demand in the economy, the dollar closed at Rs 281.12 by the end of trading, down by 03 paisa, while in the open currency market, the dollar closed at Rs 282.15 with a decrease of 05 paisa.