Dollar jumped to Rs. 300 in open market since the dollar’s recent jump higher against the rupee in the open market, taking the dollar to Rs 300.
The day was started with slightly increase in dollar and it reached Rs 288 and 28 paisa at the opening of business and later on the trend of volatility continued.
The value of the dollar continued to rise and fall gradually, however the dollar came down to the level of 291 rupees 26 paisa against the rupee.
Whereas, in the open market, the price of the dollar rose by Rs 4 to take the dollar to Rs 300 in the open market.
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The same bearish behaviour was also visible in the Pakistan Stock Exchange and the KSE 100 index fell to the level of 48398 points on start of the day.
However, later on the market exhibited a bullish trend and gained 110 points and in the result, the 100 index rose to 48535 points.
According to the experts, the open market rates surged since banks refused to pay dollars imported by the exchange companies through banking channels.
“Today banks provided some cash dollars in Karachi, but currency dealers in other parts of the country could not get dollars, which escalated the dollar prices unexpectedly high,” an expert disclosed.
As a policy matter, the State Bank of Pakistan is managing the exchange rate with limited resources as its forex reserves stand at $4.4bn.
The recent rise in dollar is due to failure of government in releasing the pending amount from the International Monetary Fund (IMF).
Dollar jumped to Rs. 300 in open market since the dollar’s recent jump higher against the rupee in the open market.
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On the other hand, another impacting feature is decline in inflow of dollar and foreign remittances in the last couple of weeks.
The financial experts believe that if the crisis continues, there will be no end to the appreciation of the dollar.
