Karachi: The dollar continued to advance in both foreign exchange markets on Thursday due to the pressure of increasing exports to $60 billion in 5 years, promoting SMEs and repaying external debts.
The strengthening of the dollar against other major currencies globally and the increase in the global price of crude oil also affected the value of the rupee. Positive news such as the World Bank’s indication of providing a loan worth $40 billion for various sectors of Pakistan in 10 years, the Saudi company’s interest in investing in the Reko Diq project and the issuance of Panda Bonds in June were ignored by the foreign exchange markets on Thursday as well.
During the business period in the interbank market, the value of the dollar had fallen by 11 paisa to Rs. 278.65 at one point, but due to increasing demand in the economy and a decrease in the premium for redeeming export remittances at the futures counter, the demand and supply in the export market remained unbalanced.
As a result, the dollar closed at Rs 278.85 at the end of trading, up 09 paisa, while in the open currency market, the dollar closed at Rs 280.94, up 27 paisa.