Big difference of 13 rupees in interbank and open rate, reference and handi market activities increased in caretaker government (Photo: File)
Karachi: For the first time in the country’s history, the interbank rate of the dollar reached the highest level of 301 rupees on Friday.
According to Express News, the uncertain economic conditions, rising inflation and external debt repayment pressures along with imports have made the Pakistani rupee fall on all fours. The dollar is now making new highs on a daily basis.
For the first time in the country’s history, the interbank rate of the dollar reached a high level of 301 rupees on Friday. At the beginning of the business period in the interbank market, the value of the dollar also decreased by 17 paisa at one point, but during this time, the demand of the dollar increased. The move started from which the value of the dollar increased by 1 rupee 3 paise to 301 rupees 25 paise at one point, but at the end of the business, the value of the dollar closed at the level of 301 rupees with an increase of 78 paise in the interbank market. happened
On the contrary, the dollar remained unchanged at 314 rupees in the open market, but despite this, there is a significant difference of 13 rupees between the interbank and open rates of the dollar, which is against the condition of 25% difference in the IMF’s 1 index.
This significant difference indicates that there has been an increase in the activities of the reference handi market in the caretaker government, who are buying from dollar sellers at a price of Rs 15-20 per dollar more than the market price.
These factors are affecting the process of remittances of overseas Pakistanis through legal channels, due to which the supply in the local market is decreasing compared to the demand and the value of other foreign currencies, including the dollar, is becoming uncontrollable.
It should be noted that due to foreign debt payments, the government’s foreign exchange reserves have fallen below the level of 8 billion dollars, while the profits earned by foreign companies in Pakistan are sent to their headquarters, and the rupee continues to depreciate.
In the same way, the investment in dollars has increased in general, realizing the uncertain economic future conditions, it seems difficult to hold the dollar in these uncertain conditions.
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