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Saturday, March 02, 2024  
20 Shaban 1445  

Dollar falls against rupee in interbank market

Greenback was being traded at Rs279.25 in early morning trade
A foreign currency dealer counts US dollars at a shop in Karachi on May 19, 2022. AFP
A foreign currency dealer counts US dollars at a shop in Karachi on May 19, 2022. AFP

The dollar fell by 25 paise against the rupee in the interbank market on Thursday, dealers said. The foreign currency was being traded at Rs279.25 in the early morning trade.

The greenback closed at Rs279.50 in the interbank market on Wednesday, according to the State Bank of Pakistan.

Last month, local media reported that the appreciation of the rupee has compelled exporters to sell their dollars in the banking market. Such a tendency helped the exchange rate remain stable.

The local currency started appreciating after a deal with the International Monetary Fund for a $3 billion bailout package.

Moreover, the lender lowered its 2024 economic growth projection for Pakistan to 2.0%, less than 0.5% from 2.5% in October last year.

In its World Economic Outlook update on Tuesday, the IMF sees gross domestic product growth of 2.0% this year, 0.5 percentage points below the October estimate.

The international lender’s growth forecast is lower than the government’s 3.5% GDP growth target for the current year. But the lender raised the 2025 projection to 3.5%.

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