KARACHI: The US dollar appreciated by Rs1.17 in interbank market on Tuesday but market experts said it was a temporary upward movement.

Currency dealers in the inter-bank market said the US dollar was traded high and closed at Rs161.65. It gained Rs1.17 during the day.

Dealers said that dollars were bought by treasury bill investors since the dollar was selling at lower prices.

Foreign investors have sold about 80 per cent of their treasury bills holding in the last two months.

Currency dealers said the other reason for higher buying of dollars was the market closure due from May 1.

They said the dollar would gain in coming weeks mainly on account of improved foreign exchange reserves of the country and marked decline in current account deficit.

Published in Dawn, April 29th, 2020