Rupee Strengthens In Interbank Market, Dollar Gains In Open Market

Abdullah Hussain (@Abdulla99267510) Published March 17, 2025 | 07:11 PM

Pakistan’s rupee remained strong against the dollar in the interbank market on Monday

KARACHI: (UrduPoint/UrduPoint / Pakistan Point News-March 17^th, 20250 The interbank market witnessed a decline in the dollar’s value, whereas the open market recorded an increase in its rate on Monday.

Following positive developments in negotiations between Pakistan and the IMF, and expectations of a staff-level agreement soon, the rupee remained strong against the dollar in the interbank market on Monday. However, the dollar continued to advance in the open market, leading to a divergence between the two markets.

The factors such as falling global crude oil prices, an increase in remittances from overseas Pakistanis during Ramadan, and expectations of further foreign inflows in the coming months contributed to the rupee’s strength.

During intraday trade, the Dollar depreciated by 25 paisas and reached Rs279.96 in the interbank market.

Later, as supply improved and import demand increased, the dollar closed at Rs280.16, and marked a 5-paisa decrease.

The dollar appreciated by Rs0.03 in the open Currency market and closed at Rs281.98.