In the interbank market, the rupee appreciates against the US dollar

A dealer will collect US dollars in the Karachi money exchange market on January 26, 2023. — APP

KARACHI: A day later Pakistani Rupee Taking a hit against the US dollar, the local currency rose on Friday as supply for the greenback improved.

The local unit gained 1.53 rupees, or 0.54%, to close at 280.77 rupees in the interbank market, according to the State Bank of Pakistan (SBP).

A day earlier, the rupee had depreciated by Rs 3.18 against the US dollar dollar It closed at Rs 282.30 due to further delay in the renewal of the loan agreement with the International Monetary Fund (IMF).

This was announced by the Secretary General of the Exchange Companies Association of Pakistan (ECAP) Zafar Paracha News the supply of dollars increased, causing supply and demand to match.

“There is not much import demand today, although remittances and export receipts have increased and people are converting their payments into cash, which is a positive trend,” he added.

He said that if the situation continues, the dollar will not rise on Monday next week, although there is some pressure since the start of the week.

Paracha hoped for a positive sentiment in the market State Bank of Pakistan (SBP) foreign exchange reserves crossed $4 billion after the cash-strapped country secured a $500 million loan from Bank of China.

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