Karachi: Due to the pressure of external payments, the flight of the dollar continued on Monday, due to which the interbank rate of the dollar exceeded 287 rupees, while the open rate reached the level of 293 rupees.
The interbank market fell by 24 paise at one point in early trading, but despite positive news such as remittances surging 27 percent to hit a 7-month high, the dollar once again went wild and started flying.
After fluctuations in the interbank market, the dollar closed by Rs 2.44 at Rs 287.08 at the close of business and similarly in the open currency market, the dollar closed by Rs 1.50 at Rs 293.
Experts say that the political chaos at the internal level is affecting economic activities and causing confidence to be shaken, which has increased the pressure on the rupee, in the friendly countries of China and Saudi Arabia, in addition to Qatar and the United Arab Emirates, and other international financial institutions. It is also expected that the government’s foreign exchange reserves will reach 10 billion dollars by the end of June 2023 with the support of the IMF, but the IMF agreement has become necessary to restore confidence and trust at the global and local levels.
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