Karachi: The information about securing a facility of payment of 15 billion dollars from China for 5 years, the continuous surplus in the current account for the third consecutive month, and the current account record surplus 13 months later in April, have resulted in the exchange rate of the dollar to rupee remaining double in both markets on Friday.
The increase in remittances, concerns about the depreciation of the dollar in the coming days, and the increased transmission of profitability in their exchange, indicate that there is more supply in the market compared to the demand for the dollar.
As a result of these factors, the dollar remained under pressure in the interbank market throughout the trading session, and at the end of the trading session, the value of the dollar closed at 278.20 in the interbank market, a decrease of 20 paise.
Similarly, in the open currency market, the value of the dollar closed at 279.50, a decrease of 4 paise. It is worth noting here that the Real Effective Exchange Rate Index has also increased to 104.5 points, indicating a strong position of the Pakistani rupee against the dollar.
It is clear that there is a demand for exchange in the economy as well, with machinery revenues increasing by 151 percent in April, while petroleum product revenues increased by 11 percent. However, the increasing revenues in various sectors, including IT, during this period are strengthening the value of the rupee.