In both the market of exchange, the value of the dollar has decreased in Karachi. In the interbank market, the dollar decreased by 15 paisas, while in the open currency market, it became 25 paisas cheaper.
Following a decrease of 7.20 rupees in the value of the Pakistani rupee during the 15-day economic review period of the IMF, the dollar has gradually decreased from November 16 based on a stage-wise decline. Unnecessary decline in demand and better reserves also caused the dollar to reverse in both exchange markets on Tuesday.
During the business period, the value of the dollar in the interbank market had once fallen to 284 rupees 13 paisas with a decrease of 39 paisas, but due to better reserves and pressure from non-resident companies to send benefits to their headquarters, the dollar closed at 284 rupees 37 paisas with a decrease of 15 paisas in the interbank market at the end of the business, while in the open currency market, the value of the dollar also decreased by 25 paisas, closing at 285 rupees 25 paisas.
Expectations of new investment from the United Arab Emirates and Kuwait, along with the freezing of currency smuggling and hawala operations, have resulted in a gradual improvement in the supply of the dollar in the market due to the increase in legal remittances from Pakistani seafarers. Experts say that the uncertainty ended with the completion of the IMF review in the middle of November due to which the pressure on the rupee has also decreased.
This is the reason that from November 16 to now, a total decrease of 3.77 rupees has been recorded in the value of the dollar compared to the rupee. Due to increased export activities and administrative measures, the demand has been limited, and the dollar has gained a foothold.
Exporters have started balancing their income received in the form of dollars to counter the concerns of loan installments approval from the IMF in December or January and further reduction in the value of the dollar in the coming days, the daily supply of the dollar in both exchange markets is improving and the dollar is becoming stronger against the rupee.