In Karachi, the dollar has increased by 10 paisa in the interbank market, while there has been a decrease of 11 paisa in the open market.
Due to the strong position of the dollar compared to all major currencies worldwide, continued limited increases in the value of the dollar in the interbank market on Tuesday have been observed, as factors such as increasing revenue activities before the new federal budget continue to support the value of the dollar. On the other hand, in the open currency market, the dollar remained strong against the rupee.
In April, due to the increase in inflows of remittances through Roshan Digital Account, there was an opportunity for the value of the dollar to decrease by 3 paisa to reach the level of 278 rupees and 26 paisa during trading hours.
However, with the increase in demand for dollars in the interbank market due to rising demand for mobile phones, telecommunications products, and other sectors’ revenues, and excessive prices in the market, there was a gradual increase in the interbank rate of the dollar.
As a result, at the close of business, the value of the dollar in the interbank market closed at 278 rupees and 39 paisa, with an increase of 10 paisa, while in the open currency market, the value of the dollar closed at 279 rupees and 43 paisa, with a decrease of 11 paisa.
Experts say that there is a gradual increase in the value of the dollar in the interbank market due to the condition of devaluation set by the IMF for the new loan program.