KARACHI: The Pakistani rupee has lost its upward trend against the dollar in the interbank market and fallen 8 paisas, closing at Rs152.83 for buying and Rs152.93 for selling.
According to dealers, there was little demand from importers in the interbank market, which supported the dollar today. According to the Exchange Companies, the dollar closed at Rs152.85 in the interbank market.
Per interbank officials, the dollar opened at Rs152.75 in the interbank market today, but the rupee closed down due to higher demand of the dollar. Earlier, local banks were receiving deposits through remittances, Roshan Digital Accounts (RDA) and Naya Pakistan Certificates, which were supporting the the Pakstani rupee, they added.
The dollar in the open currency market also witnessed a downward trend today despite the high interbank exchange rates, the dealers said. The dollar went down by 10 paisas in the open currency market.
The dollar closed at Rs152.70 for buying and Rs 152.90 for selling in the kerb market, the dealers said. A dealer added that the Pakistani rupee would further appreciate in the interbank and open currency markets in the coming days, as higher inflows of the greenback are expected through RDA.