Karachi: In view of the arrival of 6 to 8 billion dollars from international financial institutions and 1 billion dollars from friendly countries in the form of flood relief funds, the high flight of the dollar stopped and the rupee weakened.
According to Leading News, due to factors such as expectations of arrival of 6 billion to 8 billion dollars by international financial institutions by December and promises of providing 1 billion dollars in flood relief fund from friendly countries are likely to be fulfilled on Tuesday. The dollar took a U-turn in the interbank market after soaring in the early period, resulting in the rupee depreciating against the dollar.
During the initial period of business in the interbank market, the value of the dollar exceeded 224 rupees by an increase of 60 paisa at one point, but in the middle of the business, the dollar suddenly took a turn and the dollar value started to decline. At the close of business, the interbank rate of the dollar closed at the level of 223.42 rupees with a decrease of 24 paise, but on the contrary, the value of the dollar remained unchanged at the level of 231 rupees in the open currency market.
Experts say that by December 2022, it is possible to receive 1.2 billion dollars in installments from the IMF, 500 million dollars from the World Bank, 1.5 billion dollars from the Asian Development Bank and 3 billion dollars in the form of deposits from Saudi Arabia.
Experts say that even if half of the funds are received by Pakistan, the rupee will remain weak against the dollar.
Experts say that on Tuesday, the current default swap has increased by three percent to 123 percent, but the government’s statement is that the current default swap has nothing to do with default and that Pakistan is in any case in terms of international bonds maturing in December. Will make payments.
On the other hand, Forex Association President Malik Muhammad Bostan told Express that in the context of the ongoing dollar crisis, 100 percent of workers’ remittances received by exchange companies are being surrendered to the interbank, while the hoarding customers in the open market are receiving dollars. The sale has been discontinued.
He said that in the open market, only the foreign exchange is being given to the customers which the customers are selling in the exchange companies, in the open market only the travelers going to travel to foreign countries for education and health treatment are given passport visas and tickets. The currency of the same country is being sold on the condition of doing so.