Karachi: The open rate of the dollar rose again to Rs 295 on the news of the IMF calling several budget measures inconsistent with the conditions and amending the budget ahead of approval and continuing negotiations.
Despite the lack of demand in the open currency market, the value of the dollar increased by one rupee to close at the level of 295 rupees. At the close of business in the interbank market, the dollar interbank rate closed at Rs 287.36 with an increase of 18 paise.
Chairman of the Exchange Association of Pakistan, Malik Muhammad Bustan, has predicted that the open rate of the dollar is likely to decrease to 270 rupees by June 30, 2023, if the IMF program is restored.
He said that the true value of the dollar is Rs 245 which has been inflated unnecessarily. With the end of Hajj flight operations from next week, demand for dollars is decreasing while banks are also providing dollars to exchange companies, which is leading to increased supply in the open market.
Experts say closing the external financing gap is essential to avoid default, which requires time to restore the IMF loan program by June 30, 2023, but these budget measures to restore the agreement with the IMF include: Amendments must be made that are inconsistent with the terms of the contract.
Experts further say that due to Eid-ul-Azha this month, the volume of remittances from overseas Pakistanis will also increase, which will lead to an increase in the supply of dollars in the open market and stability of the rupee.
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