The IMF’s acceptance of every condition has created the possibility that the value of the dollar will now fall to a lower level instead of rising further (Photo: File).
Karachi: The dollar remained on the back foot on Monday on expectations of a possible revival of the loan program and financial support from friendly countries due to the acceptance of all IMF conditions by the government, which pushed the dollar’s interbank rate below 276 rupees, but the open rate Remain stable despite the ups and downs.
At the beginning of the business, the value of the dollar in the interbank market fell by Rs 2.54 to Rs 274.03 at one point, but at the end of the business, the dollar interbank rate closed by Rs 1.28 to Rs 275.29.
Similarly, during the trading session in the open currency market, the value of the dollar fell by Rs 4 to Rs 279 at one point, but at the close of business, the open rate of the dollar closed unchanged at Rs 283.
Sources say that despite disagreements with the government on some points, talks with the IMF are continuing and reports are also circulating that there will be an adjustment in the dollar exchange rate if the loan program is revived.
Because of this, exporters who retained their export earnings in foreign exchange focused on cashing their export remittances rapidly in the market, causing the dollar to depreciate.
Experts said that the interbank rate of the dollar has reached its technical level with 275 rupees, but the willingness of the government to accept any condition of the IMF in the ongoing negotiations has created the possibility that the value of the dollar will increase further. will gradually come to a lower level due to which the dollar hoarders are preferring to cash dollars in the market, but the demand for dollars from needy importers remains, due to which the dollar is prone to fluctuations in the market. Is.
(function(d, s, id){
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) {return;}
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.3&appId=770767426360150”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_GB/sdk.js#xfbml=1&version=v2.7”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));