KARACHI: The US dollar once again gained 60 paisas against Pak-rupee in the interbank market on Tuesday. The US Dollar closed at Rs156.79 in the interbank today.

The greenback demand is high in the interbank market owing to the imports payments and the last month of the current fiscal year and the market experts predict that the dollar would continue its upward trend and may touch Rs157.00 or Rs157.50 by the end of this month.

“Importers and oil companies are clearing their dues against imports which caused heavy pressure on the US currency in Pakistan,” said a banker. The dollar was opened at Rs156.19 in the morning and it continued its upward trend, he added.

He said that there were normal inflows of remittances while the government had also received $1.25 billion through Roshan Digital Accounts from overseas Pakistanis.

The money changers said that this surge in the dollar is temporarily and it would start coming down from the first week of July 2021. The central bank wants to keep the dollar between Rs152.00 to Rs154.00.

Open currency market experts claimed that there is no demand for the dollar in the kerb market but the dealers are following the interbank market. The dollar is going up but it is temporarily movement and the local currency is still stable in the interbank market.

In the open currency market, the dollar is being traded at Rs156.75 for buying and Rs157.15 for selling.

The author is a senior business reporter with bylines in leading newspapers and magazines across Pakistan.

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