Karachi: Despite maintaining contact with the IMF, the dollar continued to fly in both the foreign exchange markets on Friday due to the non-renewal of the loan program and the trend of reduction in foreign exchange reserves for the third consecutive week. came to the highest level.
During the trading session in the interbank market, the dollar was subject to limited fluctuations, at one point the dollar fell by 24 paisa to the level of 285.38 rupees, but moments later the dollar increased by 58 paisa to the level of 286.20 rupees. While at the close of business, the value of the dollar closed at the level of 285.82 rupees with an increase of 20 paise in the interbank market.
Similarly, in the open currency market, due to the increasing demand of Hajj pilgrims and reduced supply, the flight of the dollar continued at a fast pace, due to which the open rate of the dollar immediately closed at the highest level of 301 rupees with an increase of 2 rupees.
Experts say that the continued decrease in foreign exchange is making the financial needs a concern. The government has to make external payments of 3.7 billion dollars by the end of June, of which 2 billion dollars of loans from China are also likely to be rolled over. Despite the rollover of loans, the remaining debt burden of $1.7 billion remains unsettled, raising the specter of default.
According to economic experts, the country is going through a difficult period to meet its financial needs until June. If the foreign exchange outflow is tightened by succeeding in rolling over the required loans, this period is spent, even then the needs of the next financial year will be met. The IMF program will be needed to do this.
He further said that traders and industrialists have become frustrated with the increasing severity of the financial crisis on a daily basis, while the pressure on the rupee has increased to historic levels.
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