Karachi: The dollar rate in the country is at the highest rate against the rupee, however, following a continuous upward trend, the dollar today fell by Rs 1.75 in the interbank market, while it continued to rise by Rs 1.50 in the open market.
The dollar fell into reverse gear on Tuesday after a long-term rally and slightly improved supply led to a 2-month interbank dollar loss. Due to which the interbank rates of the dollar fell below 269 and 268 rupees, while on the contrary, the open rate increased and exceeded 275 and 276 rupees.
At the beginning of the business session in the interbank market, the dollar rose by 33 paise to a high of Rs 270, but after that, due to the volatility trend, the dollar fell by Rs 4 18 paise to Rs 265 65 paise at one point. Later, with a slight recovery, the dollar traded at Rs 268, down by Rs 1 63 paise in the interbank market.
By the close of business, the dollar interbank rate closed down by Rs 1.75 at Rs 267.88. On the contrary, the dollar closed at the level of 276.50 rupees with an increase of 1 rupee 50 paise in the open currency market.
It should be noted that the experts had already predicted that the interbank rate of the dollar will face resistance as soon as it reaches the level of 270 rupees and then the value of the dollar will gradually decrease and remain stable around 265 rupees or marginally. 265 will be seen to increase or decrease with fluctuations.
Market sources say that since the market forces are determining the value of the dollar, the market is witnessing fluctuations in the value of the dollar based on supply and demand.
Sources say that due to the liberalization of the dollar, the inflow of legal remittances of overseas workers has increased in the banking sector, while exporters have also started cashing in the local market by calling for remittances of their export earnings from foreign countries, which has increased the supply and the dollar. It has suffered degradation.
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