KARACHI: Improvement in economic indicators reduced the flight of the dollar, the interbank rate of the dollar recorded an increase of only 14 paisa and 50 paisa in the open market.
Improvement in supply and a limited increase in demand led to a limited increase in the value of the dollar on Friday after the volatility, with the dollar’s interbank rate crossing Rs 287, while the open rate settled at Rs 288.
As a result of improvement in supply along with demand, the interbank rate of the dollar ended the business with an increase of only 14 paise to close at Rs 287.03 paise, similarly, the value of the dollar in the open currency market closed by an increase of 50 paise at the level of Rs 288.
Experts say that the positive economic indicators are likely to lead to a current account surplus by the end of November, while $600 million from China, $700 million from the IMF, and the completion of the ongoing IMF review will directly flow into the country. Foreign investment is expected to come.
Similarly, the possible inclusion of more Pakistani companies in the MSCI index will increase the size of Pakistani companies and the weight of Pakistan, and the increase in foreign investment expected on the increased prices of Pakistani companies will lead to a stabilization of the value of the rupee.
On the other hand, the representatives of the exchange companies say that factors such as the fact that the refugees going to Afghanistan took dollars with them instead of rupees and the activity of the gray market and the alleged betting of dollars in the adjacent border cities led to the advance of the dollar. have been.
According to the exchange companies, in view of the rising value, inflows in the open market have decreased while the number of buyers has increased.
Sources say that exporters have also slowed down the process of cashing their export earnings remittances, while the demand for dollars from importers has increased, which has maintained the advance of the dollar.