Karachi: Due to the lack of demand for dollar at the general level, the interbank rate of the dollar continued to decline on Friday, but due to the demand in the open market, the dollar continued to fly, due to which the open rate of the dollar increased to a new high of 310 rupees. Closed on the surface.
The dollar remained on the back foot throughout the trading period in the interbank market, at one point the value of the dollar fell by 84 paisa to the level of Rs 284.90, but in the closing moments, the interbank rate of the dollar decreased by 59 paise due to reduced demand. 285.15 to close at Rs.
On the contrary, the dollar gained another rupee to close at a new high of Rs 310 due to sustained demand in the open currency market.
Market sources say that in addition to the State Bank’s actions against exporters who are waiting for the decline in the value of the export rupee, the Reforms and Revenue Mobilization Committee has also been mobilized, which has proposed imposing a tax on exporters who keep dollars abroad. Is.
It should be noted that the exporters are benefited by delay in bringing in foreign exchange and if the committee’s proposal is implemented, the State Bank will collect the proposed levy in addition to the penalty.
The proposal of the committee has increased the process of encashment of export proceeds, which has slightly increased the supply of dollars in the interbank market and the rupee is gradually depreciating against the dollar, but due to the lack of supply in the open market and the inflow of sellers. However, the demand for the dollar remained unchanged, due to which the open rate of the dollar continued to increase.