Rupee dips slightly against dollar

KARACHI: The rupee declined versus the US dollar in both currency markets on Monday due to increased demand for dollars, dealers said.

The rupee ended at 278.24 to the dollar, compared with Friday’s close of 278.21 in the interbank market.Dealers said that the rupee slightly fell as importers' demand for US dollars typically increases at the beginning of the week. The dollar supply was inadequate to meet the demand of the market.

In the open market, the local unit lost 18 paias against the greenback. It was trading at 279.38 per dollar for selling, down from 279.20 in the previous session.

Zafar Paracha, secretary general of the Exchange Companies Association of Pakistan said that a slight fluctuation in the value of the currency in the open market is not a significant concern. The market opened after the weekend, which resulted in high demand and limited supply.

He anticipates that the rupee will rebound in the next few days.Analysts predict that the rupee will remain stable in the upcoming trading sessions, owing to some positive developments.

A group of Saudi Arabian business people has recently landed in Pakistan to explore the country's promising business prospects. This delegation is comprised of individuals from various sectors, including mining, and it underscores Saudi Arabia's keen interest in investing in Pakistan.The International Monetary Fund’s team is expected to visit Islamabad this month to finalize the details for a new loan programme and establish parameters for the upcoming budget.