In the open currency market, the value of the dollar closed at the level of 275.50 rupees with an increase of 50 paise (Photo: File).
Karachi: Due to factors such as the lack of flexibility for Pakistan in the ongoing negotiations with the IMF and the coordination of political parties for the loan program among other tough conditions, the dollar continued its rapid flight after the volatility on Thursday. The interbank rate has gone over Rs 271.
At the beginning of the business period, the value of the dollar was observed and at one point the value of the dollar fell by 2.32 rupees to the level of 266.50 rupees, but the aggressive attitude of the IMF officials to revive the loan program and the government’s 952 Market panic and demand increased due to the news of reservations on the Rs.1 billion circular debt plan.
As a result, the dollar started to take off and the dollar closed at Rs 271.35 at the end of the trading session with an increase of Rs 2.53 in the interbank market. Similarly, in the open currency market, the value of the dollar closed at the level of 275.50 rupees with an increase of 50 paise.
Experts say that the IMF officials are afraid of non-implementation of the terms of the agreement made in the past and due to these factors, the IMF officials imposed this new condition along with other conditions for the recovery of the loan program. The coordination of all political parties regarding the loan program should also be guaranteed, but in the context of the ongoing tense political environment in Pakistan, the trade and industrial sectors have faced uncertainty in this regard and the demand for foreign exchange has increased, which has increased the dollar. The flight has resumed.
Sources say exporters are also cashing in on forwards, which has increased supply in the market. The legal remittance inflow of overseas workers has increased in the banking sector.
Banking sources say that the daily remittance inflow of remittances by banks has reached 10 to 12 million dollars in the last few days during the last two weeks.
Similarly, the exporters have also started cashing small chunks of their export earnings of 4 to 5 million from foreign countries, which has slightly improved the supply of dollars, however, depending on the demand and supply in the market, the dollar fluctuates during the business period. The ascent continues.
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