KARACHI: The value of the dollar has increased by 99 paise to 214.88 rupees in the interbank market and to 217 rupees by an increase of 4 rupees in the open currency market.
The dollar started to fly again in the interbank market due to which the interbank rate of the dollar exceeded 214 rupees and the open rate exceeded 215, 216, and 217 rupees.
Due to high supply and low demand in the interbank market, the value of the dollar increased to 215 rupees 10 paise at one point, but after the whole day of fluctuations, as demand decreased slightly, the value of the dollar increased by 99 paise to 214.88 rupees in the interbank market. In the open currency market, the dollar closed at Rs 217 with an increase of Rs 4.
Economists say that the interbank rate of the dollar is likely to remain at the technical level of 214 to 216 rupees for the next few days. The value of the dollar is expected to come down gradually from 214 rupees.
Economic analysts further say that allowing the local exchange companies to export surplus dollars will also increase the supply of dollars in the interbank market in the coming days as the exchange companies will sell their surplus dollars as per the orders of the State Bank. After export, the reserves have to be transferred back to their bank accounts and surrendered in the interbank market within three days.
Earlier, exchange companies used to export currencies other than the dollar, but now with the permission to export dollar, the supply of dollar in the interbank market is likely to increase and its value will decrease.
Market sources say that exchange companies have the capacity to export five million dollars weekly.