KARACHI: The US dollar has gained around 41 paisas against the Pak rupee in the interbank market. The US Dollar closed at Rs154.78 in the interbank on Wednesday.
In the last eight days, the dollar had surged by Rs1.93 in the interbank market.
According to market sources, the dollar opened at Rs154.37 today, but continued its upward trend against the local currency and surged 41 paisas before closing.
Interbank source claimed that there is still pressure on Pak-rupee in the interbank market as the imports have gone up in the past 45 days. The inflow of the remittances is also normal compared to the previous week, he added.
Some other sources in the market claimed that the central bank is buying dollars from the interbank market to keep the reserves strong before the budget 2020-21 by the end of June. The central bank and the government want to keep US currency between 152.00-154.00 to support the exporters.
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.
President Pakistan’s Forex Association Malik Bostan said, “the banking channels are making payments of the importers, therefore 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 Rs154.65 for buying and Rs154.75 for selling.