Karachi: The dollar continued to fly in both the foreign exchange markets on Tuesday, due to which the interbank rate of the dollar exceeded 287 rupees and the open rate also rose to the highest level of 308 rupees.
In the beginning of the trading period in the interbank market, the dollar had decreased by 20 paise to reach the level of 286.35 rupees, but after some time, the dollar started to fly, as a result of which the interbank rate of the dollar increased by 59 paise to 287.14 at the end of the business. closed at the level of Rs.
In the open currency market, the rate of increase in the value of the dollar was also fast, where the open rate of the dollar closed at a new high of 308 rupees with an increase of 3 rupees.
Experts say that by June 2023, Pakistan has to make payments of 3.7 billion dollars, in which some loans are expected to be rolled over, while during the next financial year, a total of 27 billion dollars has to be paid, in which some loans are expected to be rolled over. Despite this, Pakistan will face a shortfall of around $5 billion, so an agreement with the IMF becomes crucial to close the fiscal gap that seems to be disappearing.
On the other hand, explaining the reasons for the long jumps of the dollar in the open currency market, Malik Muhammad Bustan, president of the Exchange Companies Association of Pakistan, says that the main reason for the high flight of the open rate of the dollar is the significant difference in demand and supply.
He said that banks are getting $10 million a day from the open currency market to pay their credit cards while the open market is already short of supply as overseas Pakistanis now remit through banking or exchange companies. The inflow of remittances has decreased and due to the ongoing political and economic crisis in the country, a large part of the remittances are coming through the Tasah Handi system.
Malik Bustan said that the remittances that reach Pakistan even through exchange companies are surrendering 100 percent to the State Bank. Similarly, due to the Hajj season, the pressure of Hajj pilgrims to obtain foreign exchange on the open market has increased, which is leading to a high increase in the open rate of the dollar.
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