Karachi: Dollar remained buoyant in the open market on Wednesday as the open rate of the US currency touched a new high of Rs 309, while the dollar remained steady after limited volatility in the interbank market.
According to the details, the value of the dollar reached the highest level of 309 rupees in the open market, while the value of the dollar remained stable in the interbank market due to unknown reasons despite the non-renewal of the IMF agreement and the trend of increase in the global price of crude oil. stayed
During the interbank trading period, the value of the dollar rose by 26 paise to Rs 287.40 at one point, which later fell by 14 paise to Rs 287. Closed on the surface.
On the contrary, in the open currency market, the dollar rose by one rupee to close at a new high of Rs 309. In this way, the difference in the value of the dollar in the interbank and open market has become significant.
Market sources say that although the value of the dollar is 309 rupees in the open market, the value of the dollar has reached an alarming level of 322 rupees in the handi reference markets.
Despite the finance minister’s claim, insolvency concerns, external payment pressures and increasing public demand relative to supply have led to an increase in the value of other major currencies, including the dollar, in the open market. Due to the rarity of the dollar in the legal foreign exchange markets, the reference hundi business is starting to pick up again.
Sources enfold that the supply of foreign exchange at high prices with ease in these illegal foreign exchange markets has led to an uncontrollable appreciation of the dollar as the direction of the country’s economy remains unclear.
On a weekly basis, the trade and industrial sectors are reeling with uncertainty due to a decline in foreign exchange reserves, import restrictions, concerns over new budget measures and concerns over budget targets are increasing, which has led to the rupee depreciating on a daily basis. The history maker is in decline.
Experts say that by June 2023, Pakistan has to pay 3.7 billion dollars, in which some debts are expected to be rolled over, while a total of 27 billion dollars has to be paid during the next financial year.
Despite the rollover of loans, Pakistan will face a shortfall of about 5 billion dollars, under which plan this shortfall will be met, the commercial and industrial sector is not aware of this.
