KARACHI: The rupee strengthened against the dollar in the interbank market on Monday, pushing the dollar below Rs 162.
At one point during the trading session, the dollar had fallen below Rs 161 but at the end of the day, the dollar lost Rs 1.10 to close at Rs 161.22 in the interbank market due to recovery.
Experts said that the possible devaluation of the relevant regulator to facilitate the real exchange rate of the dollar and the facilitation of supply in proportion to the demand in the market has reduced the value of the dollar.
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After receiving 1 billion in Pakistan Eurobonds and 1 billion from China, factors such as the country's foreign exchange reserves reaching a four-year high also strengthened the rupee.
Experts say that on a long-term basis, supply is likely to be lower than demand for dollars as Pakistan has to repay 16 billion in external debt this year, which is likely to put further pressure on the rupee in the future. ۔
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