Karachi: The US Dollar continues to depreciate against the Pakistani Rupee.
Due to the increase in foreign exchange reserves and the crackdown against elements involved in illegal activities, the dollar remained in reverse gear for the fifteenth day on Monday, due to which the interbank rates of the dollar fell to the lowest level in 6 weeks. 291 while the open rate fell to Rs 293 after a gap of 4 months.
During the business period in the interbank market, the value of the dollar had fallen by one rupee 21 paisa to the level of 290 rupees 55 paisa, but due to intermittent import demand, the dollar remained volatile, as a result of which the business At the end of 2018, the interbank rate of the dollar decreased by 90 paisa to close at 290 rupees 86 paise, while in the open market, the dollar closed at 293 rupees after a decrease of 50 paise.
With the statements of caretaker ministers to keep the value of rupee stable against the dollar, the value of the rupee against the dollar is not only increasing day by day, but the market sentiments are also improving. The move is seen to restore investor confidence.
Due to the decisions of incentives on remittances of overseas Pakistanis, the inflow of remittances through legal channels is also increasing, thus the shortage of market dollars is gradually decreasing. Factors such as tightening monitoring of Afghan transit trade and curbing dollar smuggling by introducing the new ATT policy are discouraging investment and unnecessary purchases in dollars.
Sources say that due to the ongoing crackdown on hoarders and smugglers, the remittances through the legal channel are gradually increasing due to the suspension of the activities of the reference handi, and in this context, a major bank has reported a 35% increase in remittances from overseas Pakistanis. It has also claimed to increase by 40 percent.
Sources say that like other dubious sectors, due to ongoing operations against gold traders, the market is surrounded by news of continuous decline in the value of the dollar, due to which not only exporters are saving the export earnings received in their foreign exchange but also held. Dollars are also coming for sale in the market which is helping to increase the supply of dollars in the market.
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