MM News

KARACHI: The rupee registered nominal gains against the US dollar on Friday in the interbank market after the dollar reached the level of Rs 216 after depreciating by Rs 2.88.

According to the details, a drop of Rs 2.88 paisa was recorded in the price of the dollar at the beginning of the business on the last day of the business week.

Forex dealers said that the trend to sell the dollar increased last week. According to the forex dealers, the sale of dollar increased and the sale of dollar continued at the beginning of the business this week as well.

Experts said that the reason for the increase in the value of the rupee is the decrease in the import bill. On the other hand, the news regarding the approval of the program by the International Monetary Fund (IMF) is leading to an increase in the trend toward the rupee for investors. Experts said that the decline in the value of the dollar is encouraging.

General Secretary of Exchange Companies of Pakistan Zafar Paracha said in a statement that the decline in the value of the dollar has been recorded since last week. This situation is not different from last week while the value of the rupee is improving since the start of business after two days holiday.