The interbank rate of the dollar rose to 223.94 rupees (Photo file).
Karachi: The US dollar continues to depreciate against the Pakistani rupee. On Wednesday, the dollar fell further in the interbank and open markets during the trading session.
Due to reports of investigations by the government on the role of banks in the exchange rate and a close watch on speculations, the rupee continued to weaken against the dollar on Wednesday and the interbank rates of the dollar also fell by 225 and 224 rupees due to continuous decline. While the open market rate also decreased to the level of 227 rupees.
In the interbank market on Wednesday, the dollar continued to depreciate since the beginning of the business period, due to which the value of the dollar decreased to the level of 223.60 rupees at one point. closed at the level of Rs.223.94. Similarly, in the open currency market, the value of the dollar decreased by another 1.50 rupees to close at the level of 227 rupees.
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According to market sources, the dollar has been reversed for the past one and a half weeks due to the intention of the Ministry of Finance and the relevant regulator to take action against 8 banks for identifying the sale of dollars from importers at a price higher than the market rate while opening import letters of credits. Have started.
The dollar, which has been flying fast in the market, has started coming back to its true value. Similarly, other measures of the new finance minister, including curbing the smuggling of dollars to Afghanistan besides speculation, have led to the stability of the Pakistani rupee. According to money market sources, the sale of dollars to importers at high rates for opening LCs for the past long period has weakened the rupee rapidly, but due to the policy statement and actions of Finance Minister Ishaq Dar, the dollar has started to depreciate. .
Experts say that as a result of fulfilling all the conditions of FATF, the expectations of Pakistan being removed from the gray list and added to the white list this month and the arrival of the flood relief fund from the outside world, the business activities of speculators in dollars. has been limited, which is expected to further strengthen the rupee in the coming days.