A further 51 paise increase in the inter-bank value of the dollar

Karachi: The dollar closed at Rs 221.94 with an increase of 51 paise in the interbank currency market.

On the other hand, the dollar increased by 75 paise to 227.75 rupees in the open currency market.

During the business hours in the interbank market, the value of the dollar increased by 77 paise to Rs 222.20 at one point.

According to experts, the US Federal Reserve Bank increased the interest rate by 75 basis points for the fifth time, due to the further strengthening of the dollar worldwide and pressure on imports, the dollar continued to advance in the local foreign exchange markets on Thursday.

Rising rate of inflation, non-provision of foreign exchange required by China for Pakistan and no positive information regarding the facility of deferred payment of outstanding debts and letter-off of up to 100,000 dollars from the government. Allowance to open credits tended to increase demand for foreign exchange, which kept the dollar soaring throughout the day.

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