Karachi: The open rate crossed Rs 281 as the dollar continued to make limited advances in the foreign exchange markets.
Despite the improvement in fundamentals of the economy and the central bank’s forecast of economic growth, the dollar continued to make limited advances after volatility in both foreign exchange markets continued on Tuesday, pushing the dollar’s open rate above Rs 281.
At the close of business in the interbank market, the interbank rate of the dollar closed down by 30 paisa at the level of 279 rupees 42 paisa, while the value of the dollar in the open currency market increased by 50 paisa to close at 281 50 paisa.
Experts say that fundamental factors have improved as import activities are limited, exports and remittances are gradually increasing, which is reducing the current account deficit.
Exchange companies have also surrendered a total of 500 million dollars in the interbank market this month.
Experts say that in the wake of the IMF review, the exchange rates are being adjusted in both the foreign exchange markets and it is felt that the value of the dollar may stay around Rs 280.
The fluctuation in the value of the dollar is reflecting that despite the improvement in the supply in the market, the tendency to increase the value of the dollar prevails as soon as the demand comes, so the exchange rate in both the foreign exchange markets is determined by the market forces.
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