KARACHI: Tuesday saw the rupee fight to hold onto its strength, but for the second day in a row, the US dollar strengthened in the interbank market.
According to the State Bank of Pakistan (SBP), the dollar increased in value by 17 paise to close at Rs278.29 from Rs278.12 the previous day. The value of the US dollar increased by 18 paisa on Monday.
The value of the exchange is steady. The little variations don’t matter, according to Atif Ahmed, an interbank currency dealer. He said that only the exchange rate was opened at a greater level and that no trading took place in the interbank market. Instead, the exchange rate was regulated.
For the past three months, the rupee has appreciated little while the exchange rate has remained steady. It has now turned around to favor the US dollar. But the variations were not strong enough to cause instability in the currency rate needed for foreign investments and the economy.
Pakistan’s finance minister is leading a financial delegation that is now in Washington for negotiations to obtain a fresh loan from the International Monetary Fund.
