Karachi: The dollar continued to soar in both foreign exchange markets due to the absence of a staff level agreement with the IMF and pressure on external payments.
According to Express News, despite meeting the IMF’s requirements, the government instead of borrowing directly from the banks, the new condition of financing through the auction of market treasury bills or PIBs and pressure on external payments in the staff level agreement. The dollar bounced back in both foreign exchange markets on Wednesday amid fears of a possible delay. Due to which the dollar interbank price reached 279 rupees while the open rate reached the level of 281 rupees.
At the beginning of the business, the value of the dollar in the interbank fell by 86 paisa to the level of 277 rupees, but due to intermittent demand, the dollar began to advance, as a result of which the interbank rate of the dollar closed at 1.26 rupees. The increase closed at Rs 279.12.
Similarly, in the open currency market, the value of the dollar closed at the level of 281 rupees with an increase of 2 rupees.
Experts say the latest IMF conditions are adding to the government’s worries as IMF officials have adopted a policy of imposing another condition as soon as the required conditions are met, giving the impression that the staff level agreement is further delayed. Will be.
Economists say that in order to increase the volume of foreign exchange reserves, according to the condition of the IMF, financing facility has not been received from any other friendly country except China, due to which there is uncertainty in the foreign exchange markets and rupee dollar. Weak compared to
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