Karachi: The dollar continued to advance in both foreign exchange markets on Friday due to a decrease of $127 million in government foreign exchange reserves, increased external payments and import demand.
For the first time in history, the current account surplus of $1.2 billion and the real effective exchange rate falling from 102.2 to 101.6 led to a decline in the value of the dollar by 14 paisa at the start of the business period in the interbank market.
However, due to the continuous increase in the volume of raw material imports and the demand of market forces, the value of the dollar in the interbank market increased by another 10 paisa to close at Rs 280.71 at the end of the business.
In the open currency market, the value of the dollar also increased by 13 paisa to close at Rs 282.30.
