The interbank price of the dollar increased by seven rupees and the open market price increased by six rupees (Photo: File).
Karachi: As the government and the exchange companies lifted the cap, the interbank rate of the dollar reached the seventh heaven on Monday and reached more than 269 rupees, while the open rate came to the level of 275 rupees.
According to Express News, on Monday too, due to the gallop of the dollar, the value of the dollar in the interbank market increased by 7.03 rupees and closed at a new high of 269.63 rupees. Similarly, in the open currency market, the value of the dollar closed at the level of 275 rupees with an increase of 6 rupees. In this way, the rupee 16 index has devalued by 77% against the dollar in the last three sessions.
Due to prolonged IMF loan program and negative economic indicators, the importance of dollar is increasing daily, despite the State Bank measures, the trade and industry are suffering due to non-opening of LCs for raw materials, delay in new inflows of foreign exchange. Pressure on reservoirs is increasing.
Experts said that by freeing the dollar, inflation and business costs will increase, but due to the fulfillment of the IMF conditions, there is hope to restore the loan program and by restoring the loan program, Pakistan will receive two billion 800 million dollars by June 2023. The mandatory payments to be made will be possible.
Experts said that it will be possible to obtain loans from friendly countries and international financial institutions, local exchange companies have also offered to provide the government with a two-year loan of 1 billion dollars per month from overseas Pakistanis and companies. No orders have been issued by the government in this regard.
Exchange companies say that since the end of the cap, the dollar has returned to its true value, so now the exporters should remit their export income worth 8 to 10 billion dollars, which is kept abroad, to Pakistan and cash it in order to overcome the dollar crisis. can be found.
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