September, 27, 2023
Dollar Gains 5 Rupees in Open and Interbank Markets

Dollar Gains 5 Rupees in Open and Interbank Markets

The dollar decreased by 5 rupees to 307 in the open market and 304.94 in the interbank market. Euro and other currencies also depreciated, gold rose to Rs 5,800 per tola, the stock market slumped, falling to 45,800.

Karachi, Islamabad (Ihtesham Mufti Irshad Ansari) Due to the crackdown on handi and betting by related institutions, the dollar continued to depreciate in both the foreign exchange markets on Thursday, which further reduced the open rate of the dollar to Rs 307. came to the level while the interbank rate fell below 305 rupees, Due to the crackdown of the relevant institutions, the exchange companies also started depositing dollar deposits in the State Bank, which is the reason that the dollar opened in just 2 days. A total decrease of 21 rupees has been recorded in the market rate, while the difference in the value of the dollar between the inter-bank and the open market has reduced to 2 rupees 06 paise. It also meets the International Monetary Fund (IMF) mandated inter-bank and open market margin of 1.25 percent. The IMF has stipulated a 1.25 percent spread between the two markets and the open market and interbank spread in foreign currency prices has fallen below 1 percent, currently standing at 0.7 percent. Sources said that in fear of a further fall in the value of the dollar in the coming days, many companies have started reducing their held dollar reserves. At the end of the business, the open rate of the dollar closed at the level of 307 rupees after a decrease of 5 rupees. Similarly, in the interbank market, the value of the dollar closed at the level of Rs. The sources said that the more intensive action against the black market will further reduce the value of the dollar. said that this new trend of depreciation of the dollar has given a big shock to those exporters who were waiting for the dollar to become more expensive. , experts believe that the value of the dollar is likely to fall below Rs 300 as the foreign exchange reserves improve. In the open market, the Euro also fell by Rs 3 to Rs 332, down by Rs 23 from its highest level in the last few days. In the open market, the pound fell by Rs 9 to Rs 388 and the pound lost Rs 30 from its highest level. The Saudi riyal fell by Rs 1.50 to Rs 81.80, the Saudi riyal fell by Rs 20.7 while the UAE dirham was unchanged at Rs 86.80 and the dirham was down Rs 3.20 from its high in the last few days. Chairman of the Exchange Companies Association of Pakistan, Malik Bustan, has said that after the establishment of a task force at the request of the association, the dollar has come under control with the 3-day crackdown. And now people are coming out of the atmosphere of despair, the crackdown against dollar smugglers will lead to conflict. With plainclothes task force officials outside Echinch companies disappearing from Ricky to black marketers, the gallop of dollars has paved the way for foreign investment worth $20-25 billion in the country. Meanwhile, in the international bullion market, the price of gold per ounce fell by $5 to $1,921.00 per tola and per ten-gram, gold prices further decreased by Rs.5,800 and Rs.4,972 respectively in local bullion markets on Thursday. As a result, the price of gold per tola decreased to 2 lakh 16 thousand 500 rupees and the price of gold per 10 grams decreased to 1 lakh 85 thousand 14 6 rupees. Ar came to the level of 614 rupees. Meanwhile, the Pakistan Stock Exchange was bearish on Thursday due to fears of a possible increase in interest rates and profit-taking, which caused the index to fall by 45,800 points. 8 billion 72 crore 90 lakh 71 thousand rupees of the investors were sunk, the value of the dollar came down and the sentiments improved, there was also an acceleration of 228 points during the business period, but due to profit taking on a sectoral basis. The ongoing bullishness at one point turned into a 104-point decline. At the close of business, the KSE 100 index closed down by 50.34 points at 45,757.24 points, the trading volume was 27% higher than Wednesday, and a total of 177.7 million 62 thousand 657 shares were traded, while the business activities The scope was limited to the shares of 323 companies.

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