3% increase in the policy rate, the announcement of re-inspection after a month, repayment of loans despite the reduction in current account deficit, pressure on foreign exchange rates due to an increase in global dollar interest rates, and reduction of fiscal deficit due to government measures. Expected, State Bank
The dollar is the rein on the IMF’s directive to leave the exchange rate to market forces. The interbank rate rose to the highest level of 285.00, and the open market increased by Rs. 14, to 288. Anxiety in the currency market, the price of gold per tola was Rs. 206,600.
Karachi, Islamabad (Ihtsham Mufti, Staff Reporter, Business Reporter) The dollar became expensive by 18 rupees 19 paise, from the highest level in the history of the country to 285 rupees 9 paise, while the State Bank has increased the interest rate by 3% to 20%. Due to the instructions of the IMF to bring the interbank rate to the gray market price, the dollar galloped for the third day on Thursday, due to which the interbank rate of the dollar immediately crossed the level of 285 rupees, another 18 rupees 19 paise. 285 rose to a high of 9 paise. In three days, the value of the rupee against the dollar fell by another 19 shares and 65 percent. In the pin currency market too, the dollar rose by Rs 14 to close at a new record high of Rs 288.
The interbank market is facing external debt servicing pressure as the country needs $19 billion this year to cover debt repayments and the current account deficit. Experts say that the IMF has also issued strict guidelines in the foreign exchange markets to leave the foreign currency exchange rate on a real basis to market forces and this is the reason why the market foster increased demand for the dollar throughout the day. Flying fast. In the pin currency market too, the dollar rose by Rs 14 to close at a new record high of Rs 288.
The interbank market is facing external debt servicing pressure as the country needs $19 billion this year to cover debt repayments and the current account deficit. Experts say that the IMF has also issued strict guidelines in the foreign exchange markets to leave the foreign currency exchange rate on a real basis to market forces and this is the reason why the market foster increased demand for the dollar throughout the day. Despite the fulfillment of most of the required conditions, the IMF is making new demands, due to which the reports of non-agreement at the staff level are circulating and there is a nervous situation in the market.
Market sources say that political instability in the country is also leading to delays in the IMF loan program agreement and pressure on import payments is also increasing. Importers have concentrated on buying dollars while exporters have stopped cashing their export earnings remittances, which has reduced the supply of dollars in the market compared to demand. The absence of new Anglos in the country and the uncertain environment regarding the sustainability of the economy have increased the importance and demand for the dollar, which again seems to be uncontrollable.
Experts say that general import activity is almost frozen at present, due to which the dollar has depreciated for the past few weeks, but there is a real demand for dollars in the economy, which is weakening the Pakistani rupee against the dollar. Meanwhile, the State Bank’s Monetary Policy Committee increased the interest rate by 3%, and for the first time in the country’s history, the policy rate reached the highest level of 20%. He also announced Nazar Pani. The State Bank has expressed fear of a further increase in inflation which has already reached 31.5%.
