AIRLINK 74.40 Decreased By ▼ -0.90 (-1.2%)
BOP 4.95 Increased By ▲ 0.01 (0.2%)
CNERGY 4.34 Decreased By ▼ -0.05 (-1.14%)
DFML 44.73 Increased By ▲ 3.55 (8.62%)
DGKC 87.27 Increased By ▲ 3.96 (4.75%)
FCCL 22.90 Increased By ▲ 1.25 (5.77%)
FFBL 31.65 Decreased By ▼ -0.35 (-1.09%)
FFL 9.36 Decreased By ▼ -0.06 (-0.64%)
GGL 10.10 Increased By ▲ 0.02 (0.2%)
HASCOL 6.77 Decreased By ▼ -0.05 (-0.73%)
HBL 113.60 Decreased By ▼ -0.40 (-0.35%)
HUBC 140.15 Increased By ▲ 1.05 (0.75%)
HUMNL 11.91 Decreased By ▼ -0.09 (-0.75%)
KEL 4.87 Decreased By ▼ -0.04 (-0.81%)
KOSM 4.40 Increased By ▲ 0.04 (0.92%)
MLCF 38.40 Increased By ▲ 0.89 (2.37%)
OGDC 132.80 Decreased By ▼ -0.05 (-0.04%)
PAEL 24.45 Decreased By ▼ -0.40 (-1.61%)
PIBTL 6.53 Decreased By ▼ -0.07 (-1.06%)
PPL 119.64 Increased By ▲ 1.84 (1.56%)
PRL 25.88 Decreased By ▼ -0.18 (-0.69%)
PTC 13.75 Increased By ▲ 0.03 (0.22%)
SEARL 57.25 No Change ▼ 0.00 (0%)
SNGP 66.40 Decreased By ▼ -0.10 (-0.15%)
SSGC 10.15 Decreased By ▼ -0.09 (-0.88%)
TELE 7.95 Decreased By ▼ -0.26 (-3.17%)
TPLP 10.64 Decreased By ▼ -0.06 (-0.56%)
TRG 61.66 Decreased By ▼ -0.74 (-1.19%)
UNITY 26.63 Decreased By ▼ -0.41 (-1.52%)
WTL 1.36 Increased By ▲ 0.01 (0.74%)
BR100 7,847 Increased By 1.8 (0.02%)
BR30 25,393 Increased By 137.4 (0.54%)
KSE100 74,878 Increased By 41.8 (0.06%)
KSE30 23,988 Decreased By -16.5 (-0.07%)

The US dollar climbed to new heights against the rupee in the open-market, and hit the 331 level during trading.

On Friday, dealers Business Recorder reached out to said the rupee was being quoted at 331 for selling and 328 for buying purposes for customers in the open-market, up by Rs5 from Thursday’s levels of 326 and 323.

The Exchange Companies Association of Pakistan (ECAP), however, quoted rates at Rs326 and Rs323 during trading on Friday.

Malik Bostan, Chairman ECAP, told Business Recorder that the pressure in the inter-bank is driving up rates in the open-market.

“Rumours circulating in the markets regarding further depreciation of currency are fanning the flames,” he added. “Demand for USD has also risen after import payments have been allowed by the authorities.”

The currency dealer said the government needs to increase the dollar supply to address this issue.

The currency has come under renewed pressure against the US dollar, after the government lifted import restrictions, a key condition of the International Monetary Fund (IMF), leading to pressure.

Moreover, analysts have said that the IMF condition to maintain a currency gap of around 1.25% between the inter-bank and open-market is driving up rates in the latter.

The condition is being exploited by the speculators in the market, said experts.

The gap between rates in the inter-bank and open markets is required to be less than 1.25% under one of the structural benchmarks set by the Washington-based lender.

However, the gap – called the premium by the IMF in its country report on Pakistan published after the Stand-By Arrangement’s approval by the Executive Board – has been widening over the past few weeks.

Comments

Comments are closed.

Aseem Sep 01, 2023 01:12pm
Triple Century! What next?
thumb_up Recommended (0)
Johnny Walker Sep 01, 2023 02:39pm
350 very very soon.
thumb_up Recommended (0)
Tulukan Mairandi Sep 01, 2023 04:25pm
400 soon
thumb_up Recommended (0)
Doc Asad Sep 01, 2023 05:50pm
@Aseem, will be breaking Brian Lara's record :D
thumb_up Recommended (0)
anwar saeed Sep 02, 2023 05:09am
dollar will cross 350. Inflation will also jump to around 30%. Current government policies have failed. There should be 100% banned on imports.
thumb_up Recommended (0)
Mano Sep 02, 2023 08:58am
You will see dollar 400 pe jaye ga. Kuch para hi nahee gov ko awam mare jiye koi faraq nahed perta. Pere bhi kyun jab awam hi apne haq ke liye awaz nahee utha rehi
thumb_up Recommended (0)