Rupee makes gains against US dollar in interbank market

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By Amit

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

KARACHI: A day after the Pakistani rupee took a hit against the US dollar, the local currency gained ground on Friday over an improved supply for the greenback. 

According to the State Bank of Pakistan (SBP), the local unit appreciated by Rs1.53 or 0.54% against the dollar and closed at Rs280.77 in the interbank market. 

A day earlier, the rupee depreciated by Rs3.18 against the dollar and closed at Rs282.30 due to further delay in the revival of the loan agreement with the International Monetary Fund (IMF).

General Secretary Exchange Companies Association of Pakistan (ECAP) Zafar Paracha told The News that the dollar supply has increased which has led to the matching demand and supply.

“The import demand is not much today, however, the remittances and export proceeds have increased and people are encashing their payments which is a positive trend,” he added.

He said that the dollar will not increase on Monday in the coming week if the situation persists, however, there is some pressure as the week starts.

Paracha was hopeful of positive sentiment in the market as the State Bank of Pakistan (SBP)-held foreign exchange reserves rose above the $4 billion mark after the cash-strapped nation received a $500 million loan from a Chinese bank. 

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