Karachi: Due to payment pressures of $3.7 billion in June, the need for $35 billion in essential goods imports and other factors, the dollar continued to appreciate and the dollar hit a new high of Rs 311 in the open market. has reached
According to the details, payment pressure of 3.7 billion dollars in June, need of 35 billion dollars for imports of essential goods and further increase in interest rates in the United States caused the increase in the value of the dollar against other major currencies globally. Due to the effects, the dollar continued to advance in the interbank market as well as in the open market on Monday.
The open rate of the dollar touched a new high of Rs 311. At the beginning of the trading session in the interbank market, although the dollar had fallen by 15 paisa to reach the level of Rs 285, but after a few moments the advance of the dollar started, due to which the interbank rate increased by 26 paisa to the level of Rs 285.41 at the end of the business. Closed.
Similarly, as the demand remained in the open currency market, the value of the dollar increased by one more rupee to close at a new high of 311 rupees.
Experts say that the further increase in interest rates by the US Federal Reserve Bank is strengthening the US dollar against all other major currencies in the global markets, which is also having a negative impact on the value of the Pakistani rupee.
Experts say that Pakistan not only has to make huge payments in the month of June, but also needs 3.5 billion dollars for imports of food items and other essential items.
Experts say that friendly countries have given proposals for financial cooperation with Pakistan, but so far no practical steps have been taken from friendly countries in this regard and no funds have come. are limited to which is leading to continuous depreciation of the rupee.
Similarly, despite the lack of supply in the open market and the stoppage of sellers, the demand of dollar buyers remains unchanged, which is continuously increasing the open rate of the dollar.
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