The dollar strengthened against other major currencies globally due to new US policies after Donald Trump was sworn in, the volume of profits and dividends transferred to their countries by foreign companies providing services in Pakistan increased, and the remittance of $1.215 billion, an increase of 114 percent in the last 6 months, continued to advance in both foreign exchange markets on Tuesday.
As soon as Donald Trump assumed power, the dollar continued to advance throughout the trading period in the interbank market due to the adoption of a policy of increasing duty tariffs on imports from China and other countries, the purchase of local regulators and increased demand for imports.
At one point, the dollar had risen by 18 paisa to Rs 278.83, but at the end of the day, the dollar closed at Rs 278.81 in the interbank market after rising by 16 paisa.
In the open currency market, the dollar also rose by 07 paisa to Rs 281.24 due to continued demand from Umrah pilgrims, students studying abroad and tourists.
It is worth mentioning here that foreign investment has increased by 20 percent in the first half of the current fiscal year, while the dollar is soaring despite positive reports such as Pakistan issuing $200 million worth of Panda Bonds by June 2025 and the completion of the investment deal with Saudi Arabia in the Reko Diq project in the next few months.
This indicates that the demand for foreign exchange in the economy is gradually increasing and dollars are being purchased to meet external payment needs.