Karachi: The dollar continued to advance in both foreign exchange markets on Tuesday due to factors such as increasing demand in the economy, over-invoicing of imported solar panels despite strict measures, and supply being affected by foreign exchange transfers.
The decision to issue Pakistan’s yuan bonds with the guarantee of the Asian Infrastructure Investment Bank and the continued implementation of the IMF reform program, which showed the economy moving in the right direction, led to the dollar’s value falling by 12 paisa to Rs. 278.72 during the trading session in the interbank market.
Later, due to payment pressures and increased import demand and a decrease in the premium for cashing export remittances on the futures counter, exporters remained reluctant to cash their export remittances, which led to an imbalance in supply and demand in the market.
As a result, the dollar closed at the end of trading at Rs 278.72, up 05 paisa, while in the open currency market, the dollar closed at Rs 280.52, up 04 paisa.
