Karachi: On Tuesday, the dollar remained on the back foot in both the foreign exchange markets, which brought the open rate of the dollar back to the level of Rs 286.
According to Express News, due to the unclear direction of the economy, increasing internal political turmoil, Pakistan is still not being given a financial guarantee of 6 to 7 billion dollars by the friendly countries, due to which the staff level agreement of the IMF is further delayed. And these factors have led to the instability of the economy and the rupee.
The dollar remained on the back foot throughout the trading period in the interbank market, which at one point fell by 18 paise to Rs 283.40, but later after intermittent fluctuations, the dollar closed at the close of business. The interbank rate closed at Rs 283.55, down by just 3 paise.
Similarly, in the open currency market, the value of the dollar decreased by 50 paisa to close at the level of 286 rupees.
Experts say that the impression that the IMF program has not been restored at the moment is becoming common in the market due to which the exchange rate is being determined by market forces on the basis of demand and supply.
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