Inter-bank dollar depreciated by Rs.2

Karachi: In the interbank market, the dollar closed down by Rs 1.57 at Rs 220.89.

In the interbank market, the value of the dollar was also recorded at the level of 220.80 rupees after a decrease of 1.66 rupees, while the dollar closed at the level of 227 rupees after a decrease of 50 paise in the open currency market.

According to exchange dealers, the dollar’s flight stopped again on Monday due to the crackdown on elements involved in dollar smuggling and real effective exchange rate falling by two points.

Analysts say that the dollar is weakening against other currencies around the world, but in Pakistan, thanks to the joint strategy of the government and related institutions, the rupee is showing eyes to the dollar.

Economists say that in September, the real effective exchange rate decreased to 90 points, indicating the validity of the claim of the finance minister that the value of the dollar in Pakistan should be 180 to 200 rupees.

The Finance Ministry has given positive economic indicators in the monthly financial report, which is likely to further depreciate the dollar despite PTI’s long march, rising default risk and pressure on external payments.

However, problems such as rising yields of Pakistan’s Eurobonds and Sukuk, declining remittances and non-arrangement of foreign exchange according to the country’s needs persist in international markets.

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