KARACHI: The decline in the value of the dollar continues, and the interbank rate has dropped below Rs 220.
The dollar fell by Rs 3.35 to Rs 218.56 in the interbank market. In the open market, the dollar decreased by 1 rupee to 217 rupees.
In the open market, the dollar has recorded a total decline of Rs 27 since July 28 (Rs 244).
Experts say that the dollar rates have fallen on expectations that the IMF’s recovery of the loan program by the end of this month will bring macroeconomic stability and the balance of payments under control.
The current account deficit this year is lower than the initial estimates, and the remittances sent by overseas Pakistanis are expected to remain at the level of 32 billion dollars. The pressure on the foreign exchange will end in two months with economic stability. A weak and depreciating rupee.
Demands for dollars in the market have also decreased and buyers of dollars have been limited while sellers have come forward due to expectations of further reduction in the import bill due to falling prices of crude oil and other commodities in the global market.
It is worth mentioning here that the State Bank issued new orders for the convenience of importers at the end of last week, according to which 100% cash margin on new import deals will be done for a period of 91 to 180 days. In spite of these orders, the supply of dollars in both the foreign exchange markets has remained normal and its value has further increased. degraded
