The value of dollar in interbank was 285.35 rupees. (Photo: File)
Karachi: Dollar continues to rise in open market and new records are being established every day, this trend continued today and the value of US currency rose to a new high of Rs 312 in open market.
The dollar’s advance stalled after limited interbank volatility on Tuesday amid the prime minister’s calls to the IMF and efforts to end the deadlock in negotiations for a $6.5 billion bailout package, but the dollar continued to soar in the open market. The open rate of the dollar rose further to a new high of Rs 312.
In the interbank market, factors such as the resumption of the IMF’s loan program during the business period, the removal of reservations on the foreign currency policy and the sharing of new budgetary measures, have influenced the limited fluctuations in the value of the dollar during the business period. was seen
At the beginning of the business, the dollar had decreased by 16 paisa to 285.25 rupees, after which at one point it also came to the level of 285.80 rupees with an increase of 39 paisa.
On the contrary, in the open currency market, the dollar gained another rupee to close at a new high of Rs 312. In this way, the difference between the value of the dollar in the interbank and open market has increased to 26.65 rupees.
Experts say that due to this significant difference in the value of the dollar in both the foreign exchange markets, the buying activities of the dollar seekers in the black market have increased.
It is reported that the price per dollar in the black market is about Rs 10 more than the regular open market rate where buyers and sellers are allegedly transacting dollars without any documents.
Experts say that in addition to payments of 3.7 billion dollars in June, Pakistan has to make various types of external payments in the new fiscal year, while 3.5 billion dollars are also required for imports of food items and other essential items. In the context of these ground realities, an agreement with the IMF to revive the loan program is the need of the hour.
Experts say that friendly countries have given promises of financial cooperation with Pakistan, but so far no practical steps have been taken from friendly countries in this regard, nor have funds been received from there, due to which the country’s economy has deteriorated. The importance of the dollar is increasing and the continuation of the rupee has led to depreciation.
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