Karachi: In both the foreign exchange markets, the dollar remained buoyant due to default fears due to the delay in the IMF package, growing uncertainty on the political horizon, which brought the open rate of the dollar to the level of Rs 290.
The dollar continued to fly throughout the trading session on Tuesday due to the delay in the staff level agreement with the IMF and the World Bank making the release of the required fund conditional on the recovery of the IMF program and uncertain economic conditions.
At one point, the interbank rate of the dollar had reached the level of 284 98 paisa with an increase of 1 rupee 13 paise, however, the value of the dollar in the interbank closed at the level of 284.84 rupees with an increase of 99 paisa at the end of the business.
Similarly, the value of the dollar in the open currency market closed at the level of 290 rupees with an increase of 2 rupees.
It should be noted that the IMF is demanding the elimination of the external finance gap of 3.5 billion dollars by June, due to which the financial difficulties are increasing due to lack of management.
The delay in agreement with the IMF is also raising the specter of default and these factors are leading to a historic depreciation of the rupee.
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