KARACHI: The dollar hit an all-time high on the interbank exchange and further appreciated by Rs 18.19 against the rupee.
The dollar rose by Rs 18.19 to trade at Rs 284.30 in the interbank market.
Similarly, in the open currency market, the value of the dollar increased by 16 rupees to 290 rupees.
Despite strict directives to leave the exchange rate to market forces on a real basis in the foreign exchange markets and most of the required conditions have been met, the dollar continues to fly on the news of no staff level agreement this week due to the IMF’s latest conditions.
In this way, the Pakistani rupee has devalued by 2.35% against the dollar in the last two days.
Market sources say that due to political instability in the country, the IMF loan program agreement is also being delayed and import payment pressures are also increasing.
The absence of inflows and the uncertain environment regarding the future of the economy has increased the demand for the dollar, which again seems to be out of control. Experts say that import activity is almost frozen at present, due to which the dollar has been depreciating for the past few weeks.