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KARACHI: As the government and exchange companies lifted the cap, the interbank rate of the dollar touched the seventh sky on Monday to over 269 rupees, while the open rate came to the level of 275 rupees. According to Naji TV, the value of the dollar also rose by Rs 7.03 to a new high of Rs 269.63 in the interbank market on Monday.
Similarly, in the open currency market, the value of the dollar closed at the level of 275 rupees with an increase of 6 rupees. In this way, the rupee 16 index depreciated by 77% against the dollar in the last three sessions. Due to prolonged IMF loan program and negative economic indicators, the importance of dollar is increasing daily, despite the State Bank measures, trade and industry suffer due to non-opening of LCs for raw materials, delay in new inflows of foreign currency. Pressure on reservoirs is increasing. Experts said that by releasing the dollar, inflation and business costs will increase, but due to compliance with the IMF conditions, there is hope to restore the loan program and by restoring the loan program, Pakistan will two billion 800 million dollar received by June 2023. The mandatory payments to be made will be possible. Experts said that it would be possible to obtain loans from friendly countries and international financial institutions, local exchange companies also offered to provide the government with a two-year loan of 1 billion dollars a month from overseas Pakistanis and companies. No orders have been issued by the government in this regard. Exchange companies say that the dollar has returned to its true value since the end of the cap, so now the exporters have to hand over their export earnings worth $8 to $10 billion, which are held abroad, to Pakistan and cash them to overcome . the dollar crisis can be found.