KARACHI: The US dollar once again gained Rs1.16 in the last three trading sessions in the interbank market and closed at Rs155.78 on Tuesday.
“The demand of the dollar is increasing only because of rising imports while the companies have to clear their dues before June 30 (end of the fiscal year),” said a banker.
He said that the demand is coming from the oil companies, importers, and foreign companies who are working in Pakistan. The oil companies are making payments against the import, he added.
According to market sources, the dollar is expected to be traded in between Rs153.50 and Rs156.50 against the rupee in the current month.
Interbank source claimed that there would be a pressure on rupee in interbank market as the imports have gone up in last few weeks. The inflow of the remittances is also normal compared to the previous months, he added.
The central bank and the government wants to keep the greenback in between Rs152.00 and Rs154.00 to support the exporters, but the rising imports of machineries and others food products kept the pressure on local currency, market experts claimed.
The market experts said the government has imported sugar, wheat and others food items worth $7 billion in the last few months to support the local prices.
Malik Bostan, President of Pakistan Forex Association, said that Exchange Companies are selling $5 million to $6 million to the interbank market daily, but the demand in interbank is high.
Meanwhile, the average inflow of dollar through Roshan Digital Accounts (RDA) is around $3 million per day, he added.
Pakistan has so far received $1.25 billion through RDA from 120,000 accounts of overseas Pakistanis, according to the SBP data.
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 a temporary movement and the local currency is still stable in the interbank market.
In the open currency market, the dollar is being traded at Rs155.60 for buying and Rs156.00 for selling.