Karachi (Web Desk): Dollar continues to depreciate against Pakistani rupee with an increase of Rs1.12 in the interbank market on Thursday.
At midday, the rupee was trading at 287.63, after gaining 0.39 percent during the opening hours according to the Forex Association of Pakistan.
Yesterday, dollar appreciated 0.36 percent and closed at Rs288.75, according to the State Bank of Pakistan’s (SBP) daily update.
In the open market, the dollar reduced by Rs1.5 against the rupee, and was traded at Rs288.5, according to the Exchange Companies Association of Pakistan (ECAP). Yesterday, the dollar was trading for Rs290.
The gap between the inter-bank market and open market continued to stay narrow and within the prescribed limit set by the International Monetary Fund (IMF).
The rupee's rate in the open market has become stronger, reducing the ‘premium’ to negligible values and meeting the benchmark set by the IMF.
The rupee has been appreciating for several weeks now, following the military-backed crackdowns on the illegal outflows of the dollar.
In recent key development, foreign investors' dividends and repatriation of profits on their investment in Pakistan sharply rose by 74.46 percent during the first two months of this fiscal year (FY24).