Karachi: The dollar weakened in both foreign exchange markets as the government resolved policy-level differences and resumed staff-level talks with the IMF, and the possibility of the IMF’s demands being accepted.
The open rate of the dollar decreased to the level of 291 rupees, while the interbank rate of the dollar has been hovering around 285 to 288 rupees for the last three months after reaching its highest level.
On Friday, the dollar was subject to fluctuations in the interbank market, due to which the value of the dollar fell by 38 paise to 286.35 rupees and later increased by 37 paise to 287.10 rupees. K closed at the level of Rs.286.73.
On the contrary, in the open currency market, the value of the dollar decreased by one rupee and closed at the level of 291 rupees. Experts say that the trade and industry sectors are waiting for the cooperation of the friendly countries according to Plan B to eliminate the financial gap with the restoration of the loan program after the completion of the technical negotiations related to the approval of the ninth review for the IMF loan program. .
This is the reason why these sectors are adopting a wait-and-see policy on the positive expectations associated with both the economic fronts. Market sources say that due to obstacles in the opening of import LCs, the trade and industrial sectors are not turning to the interbank market despite their demand, and similarly in the open currency market, the demand for Hajj season has ended and the general demand and investment of dollars has decreased. There is no demand which is causing the dollar to stagnate.
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