KARACHI: Despite higher remittances and tall claims of the government, flight of the dollar continued against rupee on the first day of the week on Monday as it touched Rs163.67 in the interbank market.

The US dollar has gained Rs1.24 against rupee in interbank market. On Friday, the greenback ended at Rs162.43.

Market sources claimed that there was high demand from the importers and delays in negotiation with the International Monetary Fund (IMF) were the reasons for high flight of the greenback.

One of the banking sector analysts said “the country is receiving normal remittances and exports’ payments, but there is a huge demand of the dollar in the interbank market from the importers.”

Recently, the State Bank of Pakistan (SBP) had received $1 billion loan from the Chinese government and $400 million from the World Bank, while the government had raised $1 billion through Euro Bonds from the international market.

Pakistani banks are also receiving around $3 million to $4 million daily through Roshan Digital Accounts (RDA), the banking sources said.

Pakistan Forex Association said there is no demand of the greenback in Pakistan and the exchange companies are following the interbank rates.

In the open currency market, the dollar is being traded at Rs 163.70 for buying and Rs 164.00 for selling.


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