A recent report by the Forex Association indicates a significant rise in the demand for foreign currencies, particularly the US dollar, in the currency market in Karachi. This surge in demand is a result of diminishing prospects of receiving installments from IMF.
As a consequence, the value of the dollar increased by Rs 1.80 in the interbank market, reaching a new level of Rs 285.75 for buying and Rs 288.00 for selling.
In the open market, the situation was more pronounced as the dollar crossed the 300 mark for the first time in the country’s history. It experienced a rise of Rs 6 and reached Rs 305. Similarly, the Euro also saw an increase of Rs 5.50, while the pound became more expensive by Rs 8.
To further illustrate, the buying price of the dollar in the interbank market rose by 30 paise to reach Rs 285.75, while the selling price increased by 1.80 rupees, reaching Rs 288.00. In the open market, the buying price of the dollar went up by 5 rupees, from Rs 297.00 to Rs 302.00, and the selling price increased by 6 rupees, from Rs 299.00 to Rs 305.00.